Ascension Asset Management LLC Boosts Position in United Technologies Co. (UTX)
Ascension Asset Management LLC increased its holdings in United Technologies Co. (NYSE:UTX) by 2.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,775 shares of the conglomerate’s stock after buying an additional 400 shares during the quarter. United Technologies accounts for about 1.8% of Ascension Asset Management LLC’s investment portfolio, making the stock its 17th largest position. Ascension Asset Management LLC’s holdings in United Technologies were worth $1,972,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of the business. Boston Partners increased its position in United Technologies by 25.0% in the second quarter. Boston Partners now owns 6,752,295 shares of the conglomerate’s stock worth $844,240,000 after purchasing an additional 1,349,539 shares during the last quarter. Toronto Dominion Bank lifted its stake in United Technologies by 274.9% in the first quarter. Toronto Dominion Bank now owns 1,312,403 shares of the conglomerate’s stock worth $165,087,000 after acquiring an additional 962,376 shares during the period. Bank of Montreal Can purchased a new stake in United Technologies in the second quarter worth about $113,560,000. Welch & Forbes LLC purchased a new stake in United Technologies in the second quarter worth about $94,267,000. Finally, Millennium Management LLC raised its holdings in United Technologies by 10,794.6% in the first quarter. Millennium Management LLC now owns 695,146 shares of the conglomerate’s stock worth $87,463,000 after purchasing an additional 701,646 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.
United Technologies stock opened at $134.50 on Wednesday. The firm has a market capitalization of $106.70 billion, a P/E ratio of 20.23, a price-to-earnings-growth ratio of 2.03 and a beta of 1.05. United Technologies Co. has a 52 week low of $109.10 and a 52 week high of $139.24. The company has a quick ratio of 1.10, a current ratio of 1.46 and a debt-to-equity ratio of 0.82.
The business also recently announced a quarterly dividend, which will be paid on Monday, September 10th. Stockholders of record on Friday, August 17th will be paid a $0.70 dividend. The ex-dividend date is Thursday, August 16th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.08%. United Technologies’s dividend payout ratio (DPR) is currently 42.11%.
In other news, VP Robert J. Bailey sold 828 shares of the stock in a transaction dated Tuesday, July 31st. The stock was sold at an average price of $134.75, for a total value of $111,573.00. Following the completion of the sale, the vice president now owns 2,000 shares in the company, valued at $269,500. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Charles D. Gill sold 14,255 shares of the stock in a transaction dated Thursday, July 26th. The shares were sold at an average price of $136.43, for a total value of $1,944,809.65. Following the completion of the sale, the vice president now owns 55,029 shares of the company’s stock, valued at approximately $7,507,606.47. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,511 shares of company stock valued at $2,521,974. Insiders own 0.17% of the company’s stock.
Several equities analysts have recently issued reports on the stock. Zacks Investment Research downgraded shares of United Technologies from a “buy” rating to a “hold” rating in a report on Tuesday, July 31st. Daiwa Capital Markets upgraded United Technologies from a “hold” rating to an “outperform” rating in a research report on Tuesday, May 8th. ValuEngine lowered United Technologies from a “buy” rating to a “hold” rating in a research report on Monday, August 6th. Jefferies Financial Group set a $157.00 target price on United Technologies and gave the company a “buy” rating in a research report on Tuesday, July 10th. Finally, Morgan Stanley assumed coverage on United Technologies in a research report on Friday, June 15th. They set an “overweight” rating and a $160.00 target price on the stock. Seven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $142.17.
United Technologies Company Profile
United Technologies Corporation provides technology products and services to building systems and aerospace industries worldwide. Its Otis segment designs, manufactures, sells, and installs passenger and freight elevators, escalators, and moving walkways; and offers modernization products to upgrade elevators and escalators, as well as maintenance and repair services.
Further Reading: Price to Earnings Ratio (PE)
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