Shufro Rose & Co. LLC lifted its holdings in United Technologies Co. (NYSE:UTX) by 4.2% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 49,658 shares of the conglomerate’s stock after purchasing an additional 1,992 shares during the period. Shufro Rose & Co. LLC’s holdings in United Technologies were worth $6,466,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Quad Cities Investment Group LLC grew its holdings in shares of United Technologies by 62.1% in the second quarter. Quad Cities Investment Group LLC now owns 261 shares of the conglomerate’s stock valued at $34,000 after purchasing an additional 100 shares in the last quarter. Manchester Financial Inc. acquired a new position in United Technologies during the 2nd quarter worth approximately $35,000. Massey Quick Simon & CO. LLC acquired a new position in United Technologies during the 1st quarter worth approximately $47,000. Sageworth Trust Co acquired a new position in United Technologies during the 1st quarter worth approximately $50,000. Finally, Canton Hathaway LLC grew its holdings in United Technologies by 625.5% during the 1st quarter. Canton Hathaway LLC now owns 399 shares of the conglomerate’s stock worth $51,000 after acquiring an additional 344 shares in the last quarter. Hedge funds and other institutional investors own 80.79% of the company’s stock.
In other news, EVP Elizabeth B. Amato sold 4,298 shares of the company’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $135.71, for a total value 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 sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.15% of the company’s stock.
United Technologies (NYSE:UTX) last issued its earnings results on Tuesday, July 23rd. The conglomerate reported $2.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.04 by $0.16. United Technologies had a net margin of 7.13% and a return on equity of 16.81%. The business had revenue of $19.63 billion during the quarter, compared to analysts’ expectations of $19.58 billion. During the same quarter in the prior year, the business posted $1.97 EPS. The company’s revenue for the quarter was up 17.5% on a year-over-year basis. Equities research analysts expect that United Technologies Co. will post 8.02 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Friday, August 16th will be issued a $0.735 dividend. This represents a $2.94 annualized dividend and a dividend yield of 2.25%. The ex-dividend date is Thursday, August 15th. United Technologies’s payout ratio is 38.63%.
Several research analysts have commented on the stock. Morgan Stanley boosted their price target on shares of United Technologies from $155.00 to $164.00 and gave the stock an “overweight” rating in a report on Monday, May 20th. Vertical Research upgraded shares of United Technologies from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a report on Friday, June 14th. Seaport Global Securities upgraded shares of United Technologies from a “neutral” rating to a “buy” rating and set a $165.00 price target for the company in a report on Monday, June 10th. William Blair reiterated a “hold” rating on shares of United Technologies in a report on Monday, June 10th. Finally, Cowen upgraded shares of United Technologies from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $135.00 to $150.00 in a report on Monday, June 24th. Five equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $152.21.
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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