First Merchants Corp reduced its stake in United Technologies Co. (NYSE:UTX) by 1.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 67,877 shares of the conglomerate’s stock after selling 955 shares during the period. United Technologies comprises approximately 1.6% of First Merchants Corp’s investment portfolio, making the stock its 12th largest position. First Merchants Corp’s holdings in United Technologies were worth $9,490,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently bought and sold shares of UTX. Credit Agricole S A boosted its position in United Technologies by 101.4% during the 2nd quarter. Credit Agricole S A now owns 866 shares of the conglomerate’s stock worth $109,000 after buying an additional 436 shares during the period. Jolley Asset Management LLC acquired a new position in shares of United Technologies in the 2nd quarter worth approximately $114,000. Fort L.P. acquired a new position in shares of United Technologies in the 2nd quarter worth approximately $120,000. WP Advisors LLC acquired a new position in shares of United Technologies in the 2nd quarter worth approximately $126,000. Finally, Kiley Juergens Wealth Management LLC acquired a new position in shares of United Technologies in the 2nd quarter worth approximately $127,000. Institutional investors own 81.84% of the company’s stock.
UTX has been the topic of a number of recent analyst reports. Jefferies Financial Group set a $157.00 price target on shares of United Technologies and gave the stock a “buy” rating in a research report on Tuesday, July 10th. Zacks Investment Research downgraded shares of United Technologies from a “buy” rating to a “hold” rating in a research report on Sunday, July 15th. ValuEngine upgraded shares of United Technologies from a “hold” rating to a “buy” rating in a research report on Tuesday, July 31st. UBS Group initiated coverage on shares of United Technologies in a research report on Wednesday, August 15th. They issued a “buy” rating on the stock. Finally, Robert W. Baird boosted their price target on shares of United Technologies from $156.00 to $167.00 and gave the stock a “neutral” rating in a research report on Thursday, September 20th. Five equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $151.90.
United Technologies (NYSE:UTX) last released its quarterly earnings data on Tuesday, October 23rd. The conglomerate reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.82 by $0.11. The company had revenue of $16.51 billion during the quarter, compared to analyst estimates of $16.10 billion. United Technologies had a net margin of 8.09% and a return on equity of 17.53%. United Technologies’s revenue for the quarter was up 9.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.73 EPS. Analysts forecast that United Technologies Co. will post 7.23 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 10th. Stockholders of record on Friday, November 16th will be paid a $0.735 dividend. The ex-dividend date is Thursday, November 15th. This represents a $2.94 annualized dividend and a dividend yield of 2.39%. This is a positive change from United Technologies’s previous quarterly dividend of $0.70. United Technologies’s payout ratio is currently 42.11%.
In other news, VP Robert J. Bailey sold 828 shares of United Technologies stock in a transaction on Tuesday, July 31st. The shares were sold at an average price of $134.75, for a total value of $111,573.00. Following the completion of the sale, the vice president now owns 2,000 shares in the company, valued at approximately $269,500. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.17% of the company’s stock.
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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