Davy Asset Management Ltd Buys Shares of 51,279 United Technologies Co. (UTX)

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Davy Asset Management Ltd bought a new stake in shares of United Technologies Co. (NYSE:UTX) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 51,279 shares of the conglomerate’s stock, valued at approximately $6,411,000. United Technologies comprises 1.7% of Davy Asset Management Ltd’s investment portfolio, making the stock its 19th largest holding.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Argent Trust Co lifted its stake in United Technologies by 107.4% in the 2nd quarter. Argent Trust Co now owns 41,052 shares of the conglomerate’s stock worth $5,133,000 after acquiring an additional 21,257 shares in the last quarter. Cypress Capital Group lifted its stake in United Technologies by 5.2% in the 2nd quarter. Cypress Capital Group now owns 27,026 shares of the conglomerate’s stock worth $3,379,000 after acquiring an additional 1,346 shares in the last quarter. CapWealth Advisors LLC lifted its stake in United Technologies by 11.3% in the 2nd quarter. CapWealth Advisors LLC now owns 67,345 shares of the conglomerate’s stock worth $8,420,000 after acquiring an additional 6,856 shares in the last quarter. Family Management Corp lifted its stake in United Technologies by 6.6% in the 2nd quarter. Family Management Corp now owns 29,124 shares of the conglomerate’s stock worth $3,641,000 after acquiring an additional 1,800 shares in the last quarter. Finally, Highlander Capital Management LLC lifted its stake in United Technologies by 55.9% in the 2nd quarter. Highlander Capital Management LLC now owns 5,575 shares of the conglomerate’s stock worth $697,000 after acquiring an additional 2,000 shares in the last quarter. 81.65% of the stock is owned by institutional investors and hedge funds.

Shares of UTX stock opened at $141.85 on Friday. The company has a current ratio of 1.46, a quick ratio of 1.10 and a debt-to-equity ratio of 0.82. United Technologies Co. has a fifty-two week low of $113.57 and a fifty-two week high of $142.61. The stock has a market capitalization of $111.68 billion, a price-to-earnings ratio of 21.33, a PEG ratio of 2.12 and a beta of 1.01.

United Technologies (NYSE:UTX) last issued its earnings results on Tuesday, July 24th. The conglomerate reported $1.97 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.12. United Technologies had a return on equity of 17.53% and a net margin of 8.09%. The company had revenue of $16.71 billion for the quarter, compared to analyst estimates of $16.26 billion. During the same period in the prior year, the firm posted $1.85 EPS. The business’s revenue was up 9.3% compared to the same quarter last year. equities research analysts expect that United Technologies Co. will post 7.23 earnings per share for the current fiscal year.

UTX has been the subject of several research analyst reports. Morgan Stanley initiated coverage on United Technologies in a research note on Friday, June 15th. They issued an “overweight” rating and a $160.00 price objective for the company. Jefferies Financial Group set a $157.00 price objective on United Technologies and gave the stock a “buy” rating in a research note on Tuesday, July 10th. Zacks Investment Research downgraded United Technologies from a “buy” rating to a “hold” rating in a research note on Sunday, July 15th. Wolfe Research initiated coverage on United Technologies in a research note on Wednesday, June 27th. They issued an “outperform” rating for the company. Finally, ValuEngine raised United Technologies from a “hold” rating to a “buy” rating in a research note on Tuesday, July 31st. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $148.80.

In other news, CFO Akhil Johri sold 3,428 shares of the stock in a transaction dated Thursday, July 26th. The stock was sold at an average price of $135.82, for a total transaction of $465,590.96. Following the transaction, the chief financial officer now owns 43,403 shares of the company’s stock, valued at approximately $5,894,995.46. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Robert J. Bailey sold 828 shares of the stock in a transaction dated Tuesday, July 31st. The shares were sold at an average price of $134.75, for a total value of $111,573.00. Following the transaction, the vice president now directly owns 2,000 shares in the company, valued at approximately $269,500. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,511 shares of company stock worth $2,521,974. Insiders own 0.17% of the company’s stock.

United Technologies Company 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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