Putnam Investments LLC Boosts Stake in United Technologies Co. (NYSE:UTX)

Putnam Investments LLC lifted its position in shares of United Technologies Co. (NYSE:UTX) by 16.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 58,367 shares of the conglomerate’s stock after acquiring an additional 8,360 shares during the quarter. Putnam Investments LLC’s holdings in United Technologies were worth $7,599,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of UTX. Clearbridge Investments LLC boosted its stake in shares of United Technologies by 170.5% during the 1st 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 in the last quarter. Thoroughbred Financial Services LLC raised its position in shares of United Technologies by 13,200.8% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 1,096,914 shares of the conglomerate’s stock worth $109,691,000 after purchasing an additional 1,088,667 shares during the last quarter. Ellis Investment Partners LLC raised its position in shares of United Technologies by 12,791.8% during the 1st quarter. Ellis Investment Partners LLC now owns 942,390 shares of the conglomerate’s stock worth $942,000 after purchasing an additional 935,080 shares during the last quarter. Holocene Advisors LP raised its position in shares of United Technologies by 455.3% during the 2nd quarter. Holocene Advisors LP now owns 964,746 shares of the conglomerate’s stock worth $125,610,000 after purchasing an additional 790,998 shares during the last quarter. Finally, Jensen Investment Management Inc. raised its position in shares of United Technologies by 24.7% during the 2nd quarter. Jensen Investment Management Inc. now owns 3,968,549 shares of the conglomerate’s stock worth $516,705,000 after purchasing an additional 785,493 shares during the last quarter. 80.67% of the stock is currently owned by institutional investors and hedge funds.

Several research firms recently weighed in on UTX. Wolfe Research set a $152.00 price target on shares of United Technologies and gave the stock a “buy” rating in a research report on Wednesday. Barclays upped their price target 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. Bank of America restated a “buy” rating and set a $195.00 price target (up previously from $185.00) on shares of United Technologies in a research report on Thursday, July 25th. Cowen restated a “buy” rating and set a $150.00 price target on shares of United Technologies in a research report on Wednesday, September 4th. Finally, 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 research report on Friday, June 14th. Six equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. United Technologies has an average rating of “Buy” and an average price target of $152.67.



UTX stock traded down $1.96 during mid-day trading on Friday, reaching $135.57. The company’s stock had a trading volume of 4,809,781 shares, compared to its average volume of 2,401,090. The stock has a market cap of $118.79 billion, a PE ratio of 17.81, a P/E/G ratio of 1.95 and a beta of 1.21. The company has a current ratio of 1.05, a quick ratio of 0.74 and a debt-to-equity ratio of 0.93. United Technologies Co. has a fifty-two week low of $100.48 and a fifty-two week high of $144.40. The company’s 50 day moving average is $130.40 and its two-hundred day moving average is $131.33.

United Technologies (NYSE:UTX) last released its quarterly earnings data on Tuesday, July 23rd. The conglomerate reported $2.20 EPS for the quarter, beating the Zacks’ consensus estimate of $2.04 by $0.16. The company had revenue of $19.63 billion during the quarter, compared to the consensus estimate of $19.58 billion. United Technologies had a net margin of 7.13% and a return on equity of 16.81%. United Technologies’s quarterly revenue was up 17.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.97 EPS. On average, analysts forecast that United Technologies Co. will post 8.03 earnings per share for the current fiscal year.

In other news, VP Charles D. Gill sold 33,763 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $135.04, for a total transaction of $4,559,355.52. Following the completion of the sale, the vice president now owns 112,458 shares in the company, valued at approximately $15,186,328.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Elizabeth B. Amato sold 4,113 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $137.18, for a total transaction of $564,221.34. Following the sale, the executive vice president now owns 31,501 shares of the company’s stock, valued at approximately $4,321,307.18. The disclosure for this sale can be found here. In the last quarter, insiders sold 103,123 shares of company stock valued at $13,787,015. 0.15% of the stock is owned by insiders.

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.

Further Reading: Why do analysts give a neutral rating?

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Institutional Ownership by Quarter for United Technologies (NYSE:UTX)

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