Cibc Bank USA purchased a new position in shares of United Technologies Co. (NYSE:UTX) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 6,170 shares of the conglomerate’s stock, valued at approximately $772,000.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in UTX. Almanack Investment Partners LLC. purchased a new position in United Technologies in the fourth quarter valued at $103,000. Silvant Capital Management LLC purchased a new position in United Technologies in the first quarter valued at $113,000. Centerpoint Advisors LLC purchased a new position in United Technologies in the first quarter valued at $131,000. Taylor Hoffman Wealth Management purchased a new position in United Technologies in the fourth quarter valued at $140,000. Finally, Trustcore Financial Services LLC purchased a new position in United Technologies in the fourth quarter valued at $143,000. Institutional investors and hedge funds own 81.24% of the company’s stock.
UTX opened at $124.92 on Wednesday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.96 and a current ratio of 1.32. United Technologies Co. has a one year low of $109.10 and a one year high of $139.24. The stock has a market cap of $100.03 billion, a PE ratio of 18.78, a PEG ratio of 1.93 and a beta of 1.09.
United Technologies (NYSE:UTX) last posted its earnings results on Tuesday, April 24th. The conglomerate reported $1.77 EPS for the quarter, topping the Zacks’ consensus estimate of $1.51 by $0.26. United Technologies had a return on equity of 17.67% and a net margin of 7.28%. The business had revenue of $15.24 billion for the quarter, compared to analysts’ expectations of $14.62 billion. During the same quarter in the previous year, the firm earned $1.48 earnings per share. The business’s revenue was up 10.3% compared to the same quarter last year. equities research analysts anticipate that United Technologies Co. will post 7.13 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 10th. Stockholders of record on Friday, August 17th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date is Thursday, August 16th. United Technologies’s dividend payout ratio (DPR) is currently 42.11%.
In other news, CFO Akhil Johri sold 6,259 shares of United Technologies stock in a transaction dated Tuesday, May 22nd. The stock was sold at an average price of $128.30, for a total transaction of $803,029.70. Following the sale, the chief financial officer now owns 47,088 shares in the company, valued at $6,041,390.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Charles D. Gill sold 9,700 shares of United Technologies stock in a transaction dated Tuesday, May 22nd. The stock was sold at an average price of $128.47, for a total value of $1,246,159.00. Following the sale, the vice president now owns 25,029 shares in the company, valued at approximately $3,215,475.63. The disclosure for this sale can be found here. Insiders have sold 33,286 shares of company stock worth $4,143,938 in the last quarter. Insiders own 0.17% of the company’s stock.
A number of research firms recently issued reports on UTX. Zacks Investment Research upgraded United Technologies from a “hold” rating to a “buy” rating and set a $143.00 target price for the company in a report on Tuesday, May 22nd. ValuEngine lowered United Technologies from a “buy” rating to a “hold” rating in a report on Wednesday, May 2nd. Wolfe Research started coverage on United Technologies in a report on Wednesday, June 27th. They issued an “outperform” rating for the company. Morgan Stanley started coverage on United Technologies in a report on Friday, June 15th. They set an “overweight” rating and a $160.00 price target for the company. Finally, Cowen reaffirmed a “hold” rating and set a $141.00 price target on shares of United Technologies in a report on Tuesday, April 24th. Seven research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. United Technologies presently has a consensus rating of “Buy” and a consensus target price of $140.31.
About United Technologies
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.
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