Sandy Spring Bank increased its stake in United Technologies Co. (NYSE:UTX) by 3.2% during the first quarter, HoldingsChannel reports. The firm owned 79,495 shares of the conglomerate’s stock after acquiring an additional 2,433 shares during the period. United Technologies accounts for approximately 0.9% of Sandy Spring Bank’s holdings, making the stock its 21st biggest position. Sandy Spring Bank’s holdings in United Technologies were worth $10,002,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Cadinha & Co. LLC increased its stake in United Technologies by 3.8% in the 4th quarter. Cadinha & Co. LLC now owns 10,490 shares of the conglomerate’s stock worth $1,338,000 after purchasing an additional 380 shares in the last quarter. Atlas Brown Inc. boosted its position in United Technologies by 18.7% during the 4th quarter. Atlas Brown Inc. now owns 2,507 shares of the conglomerate’s stock worth $340,000 after acquiring an additional 395 shares during the period. MEMBERS Trust Co boosted its position in United Technologies by 8.9% during the 4th quarter. MEMBERS Trust Co now owns 4,977 shares of the conglomerate’s stock worth $635,000 after acquiring an additional 405 shares during the period. Good Life Advisors LLC boosted its position in United Technologies by 22.7% during the 4th quarter. Good Life Advisors LLC now owns 2,207 shares of the conglomerate’s stock worth $295,000 after acquiring an additional 408 shares during the period. Finally, W.G. Shaheen & Associates DBA Whitney & Co boosted its position in United Technologies by 0.8% during the 4th quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 50,992 shares of the conglomerate’s stock worth $6,505,000 after acquiring an additional 421 shares during the period. 81.45% of the stock is currently owned by hedge funds and other institutional investors.
Shares of United Technologies opened at $124.48 on Monday, MarketBeat.com reports. The stock has a market cap of $99.59 billion, a PE ratio of 17.91, a PEG ratio of 1.92 and a beta of 1.09. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.32 and a quick ratio of 0.96. United Technologies Co. has a 52-week low of $109.10 and a 52-week high of $139.24.
The company also recently declared a quarterly dividend, which will be paid on Sunday, June 10th. Stockholders of record on Friday, May 18th will be issued a dividend of $0.70 per share. The ex-dividend date is Thursday, May 17th. This represents a $2.80 annualized dividend and a dividend yield of 2.25%. United Technologies’s dividend payout ratio is 42.11%.
In other news, EVP Elizabeth B. Amato sold 6,557 shares of United Technologies stock in a transaction dated Thursday, April 26th. The stock was sold at an average price of $123.86, for a total transaction of $812,150.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Fredric G. Reynolds purchased 9,000 shares of United Technologies stock in a transaction dated Friday, April 27th. The shares were purchased at an average price of $121.58 per share, with a total value of $1,094,220.00. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 19,778 shares of company stock valued at $2,425,001. 0.17% of the stock is owned by corporate insiders.
UTX has been the subject of a number of research reports. Zacks Investment Research upgraded United Technologies from a “hold” rating to a “buy” rating and set a $151.00 price objective for the company in a research report on Saturday, January 20th. UBS initiated coverage on United Technologies in a research report on Tuesday, January 23rd. They set a “buy” rating and a $158.00 price objective for the company. Cowen restated a “hold” rating and set a $141.00 price objective on shares of United Technologies in a research report on Thursday, January 25th. Stifel Nicolaus restated a “hold” rating and set a $146.00 price objective (up from $124.00) on shares of United Technologies in a research report on Thursday, January 25th. Finally, Sanford C. Bernstein restated a “positive” rating and set a $153.00 price objective (up from $135.00) on shares of United Technologies in a research report on Tuesday, January 30th. Nine equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. United Technologies currently has a consensus rating of “Buy” and a consensus price target of $138.21.
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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