Palo Capital Inc. increased its position in United Technologies Co. (NYSE:UTX) by 3.8% in the third quarter, Holdings Channel reports. The fund owned 14,112 shares of the conglomerate’s stock after purchasing an additional 511 shares during the period. Palo Capital Inc.’s holdings in United Technologies were worth $1,973,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Principal Financial Group Inc. raised its stake in United Technologies by 10.6% during the 1st quarter. Principal Financial Group Inc. now owns 1,317,730 shares of the conglomerate’s stock valued at $165,797,000 after buying an additional 126,621 shares during the last quarter. Summit Trail Advisors LLC raised its stake in United Technologies by 16.5% during the 1st quarter. Summit Trail Advisors LLC now owns 5,258 shares of the conglomerate’s stock valued at $415,000 after buying an additional 744 shares during the last quarter. Neville Rodie & Shaw Inc. purchased a new stake in United Technologies during the 2nd quarter valued at $9,740,000. Cibc Bank USA purchased a new stake in United Technologies during the 2nd quarter valued at $772,000. Finally, CenturyLink Investment Management Co purchased a new stake in United Technologies during the 2nd quarter valued at $1,838,000. Institutional investors own 81.84% of the company’s stock.
A number of brokerages have weighed in on UTX. UBS Group began coverage on shares of United Technologies in a research note on Wednesday, August 15th. They set a “buy” rating for the company. Zacks Investment Research upgraded shares of United Technologies from a “hold” rating to a “buy” rating and set a $158.00 target price for the company in a research note on Thursday, October 4th. ValuEngine upgraded shares of United Technologies from a “hold” rating to a “buy” rating in a research note on Tuesday, July 31st. Jefferies Financial Group set a $157.00 target price on shares of United Technologies and gave the company a “buy” rating in a research note on Tuesday, July 10th. Finally, Royal Bank of Canada decreased their target price on shares of United Technologies to $148.00 and set an “outperform” rating for the company in a research note on Wednesday, October 24th. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $151.90.
United Technologies (NYSE:UTX) last issued its quarterly earnings data on Tuesday, October 23rd. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.82 by $0.11. United Technologies had a net margin of 7.76% and a return on equity of 17.70%. The firm had revenue of $16.51 billion during the quarter, compared to the consensus estimate of $16.10 billion. During the same quarter in the previous year, the firm posted $1.73 EPS. The company’s revenue for the quarter was up 9.6% compared to the same quarter last year. On average, sell-side analysts forecast that United Technologies Co. will post 7.26 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 10th. Stockholders of record on Friday, November 16th will be given a dividend of $0.735 per share. This is an increase from United Technologies’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Thursday, November 15th. This represents a $2.94 dividend on an annualized basis and a dividend yield of 2.39%. United Technologies’s payout ratio is presently 42.11%.
In related news, VP Robert J. Bailey sold 828 shares of the company’s 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 transaction, the vice president now owns 2,000 shares of the company’s stock, valued at approximately $269,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.17% of the company’s stock.
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.
Recommended Story: How accurate is the Rule of 72?
Want to see what other hedge funds are holding UTX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for United Technologies Co. (NYSE:UTX).
Receive News & Ratings for United Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for United Technologies and related companies with MarketBeat.com's FREE daily email newsletter.