Smith Moore & CO. lifted its position in United Technologies Co. (NYSE:UTX) by 14.2% in the fourth quarter, HoldingsChannel reports. The firm owned 4,391 shares of the conglomerate’s stock after purchasing an additional 546 shares during the quarter. Smith Moore & CO.’s holdings in United Technologies were worth $560,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Beach Investment Management LLC. purchased a new position in United Technologies during the second quarter valued at $434,000. Bahl & Gaynor Inc. grew its stake in United Technologies by 7.5% during the second quarter. Bahl & Gaynor Inc. now owns 614,945 shares of the conglomerate’s stock valued at $67,411,000 after acquiring an additional 43,071 shares in the last quarter. Bruderman Asset Management LLC purchased a new position in United Technologies during the second quarter valued at $706,000. Richard C. Young & CO. LTD. grew its stake in United Technologies by 41.0% during the second quarter. Richard C. Young & CO. LTD. now owns 10,898 shares of the conglomerate’s stock valued at $1,331,000 after acquiring an additional 3,167 shares in the last quarter. Finally, BlackRock Inc. grew its stake in United Technologies by 0.3% during the second quarter. BlackRock Inc. now owns 44,095,986 shares of the conglomerate’s stock valued at $5,384,561,000 after acquiring an additional 133,036 shares in the last quarter. 81.89% of the stock is owned by hedge funds and other institutional investors.
Several research firms recently weighed in on UTX. ValuEngine raised shares of United Technologies from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Cowen reaffirmed a “hold” rating and set a $141.00 target price on shares of United Technologies in a research note on Thursday, January 25th. Stifel Nicolaus reaffirmed a “hold” rating and set a $146.00 target price (up from $124.00) on shares of United Technologies in a research note on Thursday, January 25th. Sanford C. Bernstein reaffirmed a “positive” rating and set a $153.00 target price (up from $135.00) on shares of United Technologies in a research note on Tuesday, January 30th. Finally, Zacks Investment Research cut shares of United Technologies from a “buy” rating to a “hold” rating in a research note on Monday, January 22nd. Nine analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. United Technologies presently has an average rating of “Buy” and an average target price of $139.07.
United Technologies (NYSE:UTX) last issued its quarterly earnings data on Wednesday, January 24th. The conglomerate reported $1.60 EPS for the quarter, topping analysts’ consensus estimates of $1.56 by $0.04. United Technologies had a net margin of 7.61% and a return on equity of 17.35%. The business had revenue of $15.68 billion during the quarter, compared to analysts’ expectations of $15.34 billion. During the same period last year, the company posted $1.56 EPS. The business’s revenue was up 7.0% on a year-over-year basis. research analysts expect that United Technologies Co. will post 7.04 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Saturday, March 10th. Shareholders of record on Friday, February 16th were paid a $0.70 dividend. The ex-dividend date was Thursday, February 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.28%. United Technologies’s payout ratio is currently 42.11%.
In other news, VP Robert J. Bailey sold 2,032 shares of the firm’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $134.95, for a total value of $274,218.40. Following the completion of the sale, the vice president now owns 4,900 shares in the company, valued at approximately $661,255. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.17% of the company’s stock.
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About United Technologies
United Technologies Corporation is engaged in providing high technology products and services to the building systems and aerospace industries around the world. The Company operates through four segments: Otis; UTC Climate, Controls & Security; Pratt & Whitney, and UTC Aerospace Systems. Otis operates as an elevator and escalator manufacturing, installation and service company.
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