DekaBank Deutsche Girozentrale increased its holdings in United Technologies Co. (NYSE:UTX) by 142.5% during the second quarter, Holdings Channel reports. The firm owned 891,544 shares of the conglomerate’s stock after purchasing an additional 523,903 shares during the period. DekaBank Deutsche Girozentrale’s holdings in United Technologies were worth $115,365,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Geode Capital Management LLC increased its position in shares of United Technologies by 15.0% in the fourth quarter. Geode Capital Management LLC now owns 9,926,113 shares of the conglomerate’s stock worth $1,055,120,000 after acquiring an additional 1,293,517 shares in the last quarter. Norges Bank bought a new stake in United Technologies in the 4th quarter valued at $824,350,000. Fisher Asset Management LLC increased its holdings in United Technologies by 3.4% in the 2nd quarter. Fisher Asset Management LLC now owns 4,610,441 shares of the conglomerate’s stock valued at $600,279,000 after buying an additional 151,889 shares during the period. Dimensional Fund Advisors LP increased its holdings in United Technologies by 6.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,383,674 shares of the conglomerate’s stock valued at $466,759,000 after buying an additional 256,907 shares during the period. Finally, Clearbridge Investments LLC grew its holdings in shares of United Technologies by 170.5% in the 1st quarter. Clearbridge Investments LLC now owns 3,972,118 shares of the conglomerate’s stock worth $511,966,000 after purchasing an additional 2,503,654 shares during the last quarter. Institutional investors and hedge funds own 81.03% of the company’s stock.
In related news, EVP Elizabeth B. Amato sold 4,298 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $135.71, for a total value of $583,281.58. Following the sale, the executive vice president now directly owns 30,847 shares in the company, valued at $4,186,246.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Michael R. Dumais sold 4,329 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $130.98, for a total value of $567,012.42. Following the completion of the sale, the executive vice president now owns 39,265 shares in the company, valued at $5,142,929.70. The disclosure for this sale can be found here. Insiders own 0.15% of the company’s stock.
United Technologies (NYSE:UTX) last released its quarterly earnings results on Tuesday, July 23rd. The conglomerate reported $2.20 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.04 by $0.16. The company had revenue of $19.63 billion for the quarter, compared to analysts’ expectations of $19.58 billion. United Technologies had a return on equity of 16.81% and a net margin of 7.13%. The business’s quarterly revenue was up 17.5% compared to the same quarter last year. During the same period in the previous year, the business posted $1.97 earnings per share. Research analysts forecast that United Technologies Co. will post 8.02 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Friday, August 16th will be issued a dividend of $0.735 per share. This represents a $2.94 annualized dividend and a dividend yield of 2.28%. The ex-dividend date is Thursday, August 15th. United Technologies’s dividend payout ratio (DPR) is currently 38.63%.
A number of equities research analysts have commented on the stock. Barclays increased their price objective on shares of United Technologies from $149.00 to $153.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Zacks Investment Research downgraded shares of United Technologies from a “strong-buy” rating to a “hold” rating and set a $151.00 target price on the stock. in a report on Friday, July 19th. Vertical Research raised shares of United Technologies from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a research note on Friday, June 14th. William Blair reissued a “hold” rating on shares of United Technologies in a research note on Monday, June 10th. Finally, Cowen raised shares of United Technologies from a “market perform” rating to an “outperform” rating and raised their target price for the company from $135.00 to $150.00 in a research note on Monday, June 24th. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. United Technologies currently has an average rating of “Buy” and an average target price of $152.21.
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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