Bahl & Gaynor Inc. reduced its holdings in United Technologies Co. (NYSE:UTX) by 0.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 249,265 shares of the conglomerate’s stock after selling 2,363 shares during the quarter. Bahl & Gaynor Inc.’s holdings in United Technologies were worth $32,454,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Dimensional Fund Advisors LP boosted its position in United Technologies by 6.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,383,674 shares of the conglomerate’s stock valued at $466,759,000 after acquiring an additional 256,907 shares in the last quarter. Geode Capital Management LLC boosted its position in United Technologies by 15.0% during the 4th quarter. Geode Capital Management LLC now owns 9,926,113 shares of the conglomerate’s stock valued at $1,055,120,000 after acquiring an additional 1,293,517 shares in the last quarter. Bridge Creek Capital Management LLC boosted its position in United Technologies by 1.4% during the 1st quarter. Bridge Creek Capital Management LLC now owns 18,427 shares of the conglomerate’s stock valued at $2,375,000 after acquiring an additional 246 shares in the last quarter. Global Trust Asset Management LLC boosted its position in United Technologies by 38.2% during the 1st quarter. Global Trust Asset Management LLC now owns 9,912 shares of the conglomerate’s stock valued at $1,278,000 after acquiring an additional 2,740 shares in the last quarter. Finally, Chesley Taft & Associates LLC boosted its position in United Technologies by 8.9% during the 1st quarter. Chesley Taft & Associates LLC now owns 116,787 shares of the conglomerate’s stock valued at $15,053,000 after acquiring an additional 9,519 shares in the last quarter. Institutional investors and hedge funds own 80.13% of the company’s stock.
UTX has been the subject of a number of recent analyst reports. Zacks Investment Research cut United Technologies from a “strong-buy” rating to a “hold” rating and set a $151.00 price objective for the company. in a research report on Friday, July 19th. Bank of America reissued a “buy” rating and issued a $195.00 price objective (up previously from $185.00) on shares of United Technologies in a research report on Thursday, July 25th. Cowen raised United Technologies from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $135.00 to $150.00 in a research report on Monday, June 24th. Morgan Stanley raised their price objective on United Technologies from $155.00 to $164.00 and gave the stock an “overweight” rating in a research report on Monday, May 20th. Finally, William Blair reissued a “hold” rating on shares of United Technologies in a research report on Monday, June 10th. Five analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $152.21.
In other United Technologies news, EVP Elizabeth B. Amato sold 4,298 shares of United Technologies stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $135.71, for a total transaction of $583,281.58. Following the completion of the transaction, the executive vice president now owns 30,847 shares in the company, valued at approximately $4,186,246.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Michael R. Dumais sold 4,329 shares of United Technologies stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $130.98, for a total value of $567,012.42. Following the transaction, the executive vice president now owns 39,265 shares of the company’s stock, valued at approximately $5,142,929.70. The disclosure for this sale can be found here. Company insiders own 0.15% of the company’s stock.
United Technologies stock opened at $130.24 on Tuesday. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.05 and a quick ratio of 0.74. The stock has a market capitalization of $112.37 billion, a price-to-earnings ratio of 17.11, a PEG ratio of 1.83 and a beta of 1.20. United Technologies Co. has a 1-year low of $100.48 and a 1-year high of $144.40. The business has a fifty day moving average price of $130.01 and a 200-day moving average price of $130.66.
United Technologies (NYSE:UTX) last issued its quarterly earnings results on Tuesday, July 23rd. The conglomerate reported $2.20 EPS for the quarter, topping the Zacks’ consensus estimate of $2.04 by $0.16. United Technologies had a return on equity of 16.81% and a net margin of 7.13%. The company had revenue of $19.63 billion during the quarter, compared to analysts’ expectations of $19.58 billion. During the same quarter in the previous year, the firm posted $1.97 EPS. The firm’s revenue was up 17.5% compared to the same quarter last year. On average, equities research analysts anticipate that United Technologies Co. will post 8.03 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Friday, August 16th will be paid a dividend of $0.735 per share. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $2.94 dividend on an annualized basis and a dividend yield of 2.26%. United Technologies’s payout ratio is currently 38.63%.
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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