Arrow Financial Corp reduced its holdings in United Technologies Co. (NYSE:UTX) by 20.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 24,258 shares of the conglomerate’s stock after selling 6,050 shares during the quarter. Arrow Financial Corp’s holdings in United Technologies were worth $3,127,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. WESPAC Advisors SoCal LLC bought a new position in United Technologies during the fourth quarter worth $26,000. Braun Bostich & Associates Inc. boosted its stake in United Technologies by 73.0% during the fourth quarter. Braun Bostich & Associates Inc. now owns 365 shares of the conglomerate’s stock worth $39,000 after acquiring an additional 154 shares in the last quarter. Massey Quick Simon & CO. LLC bought a new position in United Technologies during the first quarter worth $47,000. Sageworth Trust Co bought a new position in United Technologies during the first quarter worth $50,000. Finally, Financial Gravity Companies Inc. bought a new position in United Technologies during the fourth quarter worth $51,000. Hedge funds and other institutional investors own 80.67% of the company’s stock.
In related news, VP Robert J. Bailey sold 1,418 shares of the firm’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $126.20, for a total transaction of $178,951.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.15% of the company’s stock.
United Technologies (NYSE:UTX) last posted its quarterly earnings data on Tuesday, April 23rd. The conglomerate reported $1.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.71 by $0.20. United Technologies had a net margin of 7.64% and a return on equity of 17.02%. The business had revenue of $18.37 billion during the quarter, compared to the consensus estimate of $18.01 billion. During the same quarter last year, the company posted $1.77 earnings per share. The firm’s quarterly revenue was up 20.5% compared to the same quarter last year. On average, equities research analysts anticipate that United Technologies Co. will post 7.97 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Friday, August 16th will be issued a dividend of $0.735 per share. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $2.94 dividend on an annualized basis and a yield of 2.37%. United Technologies’s dividend payout ratio (DPR) is presently 38.63%.
Several research analysts recently issued reports on UTX shares. Zacks Investment Research raised shares of United Technologies from a “hold” rating to a “buy” rating and set a $141.00 target price on the stock in a research note on Wednesday, March 27th. Seaport Global Securities raised shares of United Technologies from a “neutral” rating to a “buy” rating and set a $165.00 target price on the stock in a research note on Monday. William Blair reissued a “hold” rating on shares of United Technologies in a research note on Monday. Barclays increased their target price on shares of United Technologies from $142.00 to $149.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 24th. Finally, JPMorgan Chase & Co. began coverage on shares of United Technologies in a research note on Friday, February 22nd. They issued an “overweight” rating and a $132.00 price objective on the stock. Six investment analysts have rated the stock with a hold rating, ten have given 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 a consensus price target of $150.23.
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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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