United Technologies Co. (UTX) Holdings Lessened by Washington Trust Bank

Washington Trust Bank lessened its holdings in shares of United Technologies Co. (NYSE:UTX) by 68.3% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 2,158 shares of the conglomerate’s stock after selling 4,644 shares during the quarter. Washington Trust Bank’s holdings in United Technologies were worth $278,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Headinvest LLC boosted its holdings in shares of United Technologies by 264.6% in the fourth quarter. Headinvest LLC now owns 48,202 shares of the conglomerate’s stock valued at $5,133,000 after purchasing an additional 34,980 shares during the period. Drexel Morgan & Co. boosted its holdings in shares of United Technologies by 4.1% in the fourth quarter. Drexel Morgan & Co. now owns 12,530 shares of the conglomerate’s stock valued at $1,334,000 after purchasing an additional 491 shares during the period. Signet Investment Advisory Group Inc. purchased a new stake in shares of United Technologies in the fourth quarter valued at approximately $403,000. Lau Associates LLC boosted its holdings in shares of United Technologies by 21.8% in the fourth quarter. Lau Associates LLC now owns 17,584 shares of the conglomerate’s stock valued at $1,872,000 after purchasing an additional 3,153 shares during the period. Finally, Cacti Asset Management LLC boosted its holdings in shares of United Technologies by 38.9% in the first quarter. Cacti Asset Management LLC now owns 153,198 shares of the conglomerate’s stock valued at $19,746,000 after purchasing an additional 42,885 shares during the period. Institutional investors and hedge funds own 80.63% of the company’s stock.

A number of analysts recently issued reports on UTX shares. Zacks Investment Research upgraded United Technologies from a “hold” rating to a “buy” rating and set a $129.00 price target for the company in a report on Wednesday, January 30th. Barclays lowered their price target on United Technologies from $145.00 to $140.00 and set an “overweight” rating for the company in a report on Friday, January 11th. Goldman Sachs Group upgraded United Technologies from a “buy” rating to a “conviction-buy” rating and set a $153.00 price target for the company in a report on Friday, February 1st. Bank of America reiterated a “buy” rating and issued a $185.00 price target on shares of United Technologies in a report on Thursday, January 24th. Finally, OTR Global lowered United Technologies to a “positive” rating in a report on Friday, January 18th. Five research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. United Technologies currently has a consensus rating of “Buy” and a consensus target price of $148.67.

In related news, CEO Robert Kelly Ortberg sold 16,587 shares of the business’s stock in a transaction that occurred on Thursday, February 28th. The shares were sold at an average price of $126.59, for a total value of $2,099,748.33. Following the completion of the transaction, the chief executive officer now owns 70,211 shares of the company’s stock, valued at $8,888,010.49. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Akhil Johri sold 3,210 shares of the business’s stock in a transaction that occurred on Wednesday, February 20th. The stock was sold at an average price of $128.49, for a total transaction of $412,452.90. Following the completion of the transaction, the vice president now directly owns 62,915 shares of the company’s stock, valued at approximately $8,083,948.35. The disclosure for this sale can be found here. Insiders sold 87,288 shares of company stock valued at $10,902,196 in the last three months. 0.15% of the stock is currently owned by insiders.

Shares of NYSE:UTX opened at $135.44 on Wednesday. The company has a market capitalization of $120.89 billion, a P/E ratio of 17.80, a price-to-earnings-growth ratio of 2.02 and a beta of 1.23. United Technologies Co. has a 52 week low of $100.48 and a 52 week high of $144.40. The company has a quick ratio of 0.79, a current ratio of 1.13 and a debt-to-equity ratio of 0.98.

United Technologies (NYSE:UTX) last issued its quarterly earnings data on Tuesday, April 23rd. The conglomerate reported $1.91 EPS for the quarter, topping analysts’ consensus estimates of $1.71 by $0.20. The company had revenue of $18.37 billion during the quarter, compared to the consensus estimate of $18.01 billion. United Technologies had a net margin of 7.64% and a return on equity of 17.02%. United Technologies’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.77 earnings per share. On average, sell-side analysts predict that United Technologies Co. will post 7.97 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Friday, May 17th will be paid a $0.735 dividend. This represents a $2.94 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date is Thursday, May 16th. United Technologies’s dividend payout ratio (DPR) is 38.63%.

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United Technologies 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.

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Institutional Ownership by Quarter for United Technologies (NYSE:UTX)

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