Kornitzer Capital Management Inc. KS Decreases Stake in United Technologies Co. (NYSE:UTX)

Kornitzer Capital Management Inc. KS lessened its stake in United Technologies Co. (NYSE:UTX) by 11.4% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 62,184 shares of the conglomerate’s stock after selling 8,020 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in United Technologies were worth $8,489,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Patriot Financial Group Insurance Agency LLC lifted its stake in United Technologies by 2.2% during the third quarter. Patriot Financial Group Insurance Agency LLC now owns 3,277 shares of the conglomerate’s stock worth $447,000 after purchasing an additional 71 shares during the last quarter. Eads & Heald Wealth Management lifted its stake in United Technologies by 0.5% during the third quarter. Eads & Heald Wealth Management now owns 14,267 shares of the conglomerate’s stock worth $1,948,000 after purchasing an additional 72 shares during the last quarter. Wealth Architects LLC lifted its stake in United Technologies by 4.3% during the second quarter. Wealth Architects LLC now owns 1,812 shares of the conglomerate’s stock worth $236,000 after purchasing an additional 75 shares during the last quarter. Patten Group Inc. lifted its stake in United Technologies by 0.3% during the second quarter. Patten Group Inc. now owns 27,978 shares of the conglomerate’s stock worth $3,643,000 after purchasing an additional 75 shares during the last quarter. Finally, Glenview State Bank Trust DEPT. lifted its stake in United Technologies by 3.0% during the second quarter. Glenview State Bank Trust DEPT. now owns 2,543 shares of the conglomerate’s stock worth $331,000 after purchasing an additional 75 shares during the last quarter. Institutional investors and hedge funds own 80.62% of the company’s stock.

UTX stock traded up $0.15 on Friday, reaching $148.88. 1,668,146 shares of the company’s stock were exchanged, compared to its average volume of 3,289,642. The stock has a fifty day moving average of $138.67 and a 200-day moving average of $133.63. United Technologies Co. has a twelve month low of $100.48 and a twelve month high of $149.35. The firm has a market cap of $127.63 billion, a PE ratio of 19.56, a P/E/G ratio of 2.07 and a beta of 1.22. The company has a quick ratio of 0.75, a current ratio of 1.06 and a debt-to-equity ratio of 0.93.

United Technologies (NYSE:UTX) last announced its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $2.21 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.03 by $0.18. United Technologies had a return on equity of 16.81% and a net margin of 6.72%. The firm had revenue of $19.50 billion for the quarter, compared to analyst estimates of $19.31 billion. During the same quarter in the prior year, the company posted $1.93 earnings per share. United Technologies’s quarterly revenue was up 18.1% on a year-over-year basis. On average, equities research analysts predict that United Technologies Co. will post 8.13 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Friday, November 15th will be issued a dividend of $0.735 per share. This represents a $2.94 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date of this dividend is Thursday, November 14th. United Technologies’s dividend payout ratio is presently 38.63%.

Several equities research analysts recently weighed in on UTX shares. Cowen restated a “buy” rating and set a $150.00 target price on shares of United Technologies in a research note on Wednesday, September 4th. William Blair restated a “hold” rating on shares of United Technologies in a research note on Tuesday, September 3rd. JPMorgan Chase & Co. boosted their target price on United Technologies from $150.00 to $155.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. Credit Suisse Group set a $162.00 target price on United Technologies and gave the stock a “buy” rating in a research note on Friday, October 25th. Finally, Bank of America reaffirmed 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. Six investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $154.69.

In other United Technologies news, VP Robert J. Bailey sold 831 shares of the business’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $135.09, for a total transaction of $112,259.79. Following the sale, the vice president now directly owns 2,000 shares in the company, valued at $270,180. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Gregory Hayes sold 19,542 shares of the business’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $133.35, for a total value of $2,605,925.70. Following the sale, the chief executive officer now owns 246,111 shares in the company, valued at $32,818,901.85. The disclosure for this sale can be found here. Insiders have sold 185,306 shares of company stock worth $25,914,056 in the last ninety days. 0.15% of the stock is currently owned by corporate 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.

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

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