Polar Capital LLP Decreases Holdings in United Technologies Co. (UTX)

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Polar Capital LLP lowered its position in United Technologies Co. (NYSE:UTX) by 32.3% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 490,191 shares of the conglomerate’s stock after selling 233,586 shares during the period. Polar Capital LLP’s holdings in United Technologies were worth $52,196,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Semmax Financial Advisors Inc. purchased a new position in United Technologies in the 4th quarter valued at $70,000. Kings Point Capital Management increased its stake in shares of United Technologies by 94.7% in the 4th quarter. Kings Point Capital Management now owns 1,028 shares of the conglomerate’s stock worth $109,000 after acquiring an additional 500 shares during the last quarter. RMB Capital Management LLC increased its stake in shares of United Technologies by 360.2% in the 4th quarter. RMB Capital Management LLC now owns 21,475 shares of the conglomerate’s stock worth $2,287,000 after acquiring an additional 16,809 shares during the last quarter. Thoroughbred Financial Services LLC acquired a new stake in shares of United Technologies in the 4th quarter worth $842,000. Finally, American International Group Inc. increased its stake in shares of United Technologies by 1.9% in the 4th quarter. American International Group Inc. now owns 395,173 shares of the conglomerate’s stock worth $42,078,000 after acquiring an additional 7,449 shares during the last quarter. Institutional investors own 80.83% of the company’s stock.

A number of brokerages have issued reports on UTX. Zacks Investment Research raised United Technologies from a “hold” rating to a “buy” rating and set a $141.00 target price for the company in a research note on Wednesday, March 27th. JPMorgan Chase & Co. began coverage on United Technologies in a research note on Friday, February 22nd. They issued an “overweight” rating and a $132.00 target price for the company. Royal Bank of Canada raised their target price on United Technologies to $129.00 and gave the stock a “sector perform” rating in a research note on Thursday, January 24th. Barclays cut their target price on United Technologies from $153.00 to $145.00 and set an “overweight” rating for the company in a research note on Monday, December 17th. Finally, Citigroup reaffirmed a “neutral” rating and issued a $120.00 target price (down from $125.00) on shares of United Technologies in a research note on Thursday, January 3rd. Five investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $144.00.

Shares of NYSE:UTX opened at $134.55 on Tuesday. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.13 and a quick ratio of 0.81. The stock has a market cap of $116.09 billion, a P/E ratio of 17.68, a price-to-earnings-growth ratio of 1.91 and a beta of 1.20. United Technologies Co. has a 12-month low of $100.48 and a 12-month high of $144.15.

United Technologies (NYSE:UTX) last issued its quarterly earnings data on Wednesday, January 23rd. The conglomerate reported $1.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.53 by $0.42. The firm had revenue of $18.04 billion during the quarter, compared to the consensus estimate of $16.87 billion. United Technologies had a return on equity of 17.53% and a net margin of 7.92%. The company’s quarterly revenue was up 15.1% on a year-over-year basis. During the same period last year, the company earned $1.60 EPS. On average, sell-side analysts forecast that United Technologies Co. will post 7.92 EPS for the current year.

In related news, CEO Robert Kelly Ortberg sold 16,587 shares of the firm’s stock in a transaction dated Thursday, February 28th. The stock was sold at an average price of $126.59, for a total transaction of $2,099,748.33. Following the completion of the sale, the chief executive officer now directly owns 70,211 shares of the company’s stock, valued at approximately $8,888,010.49. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Robert J. Bailey sold 862 shares of the firm’s stock in a transaction dated Wednesday, February 6th. The stock was sold at an average price of $121.71, for a total value of $104,914.02. The disclosure for this sale can be found here. Insiders have sold a total of 97,770 shares of company stock valued at $12,153,044 over the last three months. Corporate insiders own 0.15% of the company’s stock.

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

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