DekaBank Deutsche Girozentrale grew its holdings in United Technologies Co. (NYSE:UTX) by 142.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 891,544 shares of the conglomerate’s stock after purchasing an additional 523,903 shares during the quarter. DekaBank Deutsche Girozentrale owned approximately 0.10% of United Technologies worth $115,365,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in UTX. Norges Bank acquired a new stake in shares of United Technologies in the fourth quarter valued at approximately $824,350,000. Clearbridge Investments LLC boosted its position in United Technologies by 170.5% during the first quarter. Clearbridge Investments LLC now owns 3,972,118 shares of the conglomerate’s stock worth $511,966,000 after acquiring an additional 2,503,654 shares during the last quarter. Geode Capital Management LLC boosted its position in United Technologies by 15.0% during the fourth quarter. Geode Capital Management LLC now owns 9,926,113 shares of the conglomerate’s stock worth $1,055,120,000 after acquiring an additional 1,293,517 shares during the last quarter. Thoroughbred Financial Services LLC boosted its position in United Technologies by 13,200.8% during the second quarter. Thoroughbred Financial Services LLC now owns 1,096,914 shares of the conglomerate’s stock worth $109,691,000 after acquiring an additional 1,088,667 shares during the last quarter. Finally, Ellis Investment Partners LLC boosted its position in United Technologies by 12,791.8% during the first quarter. Ellis Investment Partners LLC now owns 942,390 shares of the conglomerate’s stock worth $942,000 after acquiring an additional 935,080 shares during the last quarter. Institutional investors and hedge funds own 81.03% of the company’s stock.
In other news, EVP Elizabeth B. Amato sold 4,298 shares of United Technologies stock in a transaction dated 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 directly owns 30,847 shares of the company’s stock, valued at approximately $4,186,246.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Michael R. Dumais sold 4,329 shares of United Technologies stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $130.98, for a total transaction of $567,012.42. Following the completion of the transaction, the executive vice president now directly owns 39,265 shares of the company’s stock, valued at $5,142,929.70. The disclosure for this sale can be found here. 0.15% of the stock is owned by company insiders.
United Technologies (NYSE:UTX) last announced its quarterly earnings data on Tuesday, July 23rd. The conglomerate reported $2.20 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.04 by $0.16. The company had revenue of $19.63 billion during the quarter, compared to analyst estimates of $19.58 billion. United Technologies had a net margin of 7.13% and a return on equity of 16.81%. The firm’s revenue for the quarter was up 17.5% compared to the same quarter last year. During the same period last year, the business earned $1.97 EPS. Equities research analysts predict that United Technologies Co. will post 8.02 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Friday, August 16th will be issued a dividend of $0.735 per share. This represents a $2.94 annualized dividend and a yield of 2.28%. The ex-dividend date is Thursday, August 15th. United Technologies’s dividend payout ratio is currently 38.63%.
UTX has been the topic of a number of analyst reports. Morgan Stanley raised their target price on shares of United Technologies from $155.00 to $164.00 and gave the stock an “overweight” rating in a research report on Monday, May 20th. Barclays raised their target price on shares of United Technologies from $149.00 to $153.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Cowen raised shares of United Technologies from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $135.00 to $150.00 in a research note on Monday, June 24th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $159.00 price target on shares of United Technologies in a research note on Wednesday, April 24th. Finally, William Blair reaffirmed a “hold” rating on shares of United Technologies in a research note on Monday, June 10th. Five analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $152.21.
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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