BlackRock Inc. Acquires 6,347,718 Shares of United Technologies Co. (UTX)
BlackRock Inc. lifted its holdings in United Technologies Co. (NYSE:UTX) by 13.3% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 54,035,145 shares of the conglomerate’s stock after acquiring an additional 6,347,718 shares during the quarter. BlackRock Inc. owned approximately 0.07% of United Technologies worth $5,753,662,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank increased its position in United Technologies by 11.0% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 230,408 shares of the conglomerate’s stock worth $32,213,000 after buying an additional 22,808 shares during the last quarter. DekaBank Deutsche Girozentrale increased its position in United Technologies by 59.6% during the third quarter. DekaBank Deutsche Girozentrale now owns 367,641 shares of the conglomerate’s stock worth $49,102,000 after buying an additional 137,238 shares during the last quarter. Crawford Investment Counsel Inc. increased its position in United Technologies by 0.3% during the third quarter. Crawford Investment Counsel Inc. now owns 313,035 shares of the conglomerate’s stock worth $43,765,000 after buying an additional 967 shares during the last quarter. Trexquant Investment LP acquired a new position in United Technologies during the third quarter worth $4,081,000. Finally, Smith Chas P & Associates PA Cpas increased its position in United Technologies by 43.0% during the third quarter. Smith Chas P & Associates PA Cpas now owns 2,855 shares of the conglomerate’s stock worth $399,000 after buying an additional 858 shares during the last quarter. 80.88% of the stock is currently owned by hedge funds and other institutional investors.
UTX stock opened at $126.30 on Thursday. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.13 and a quick ratio of 0.81. United Technologies Co. has a 52-week low of $100.48 and a 52-week high of $144.15. The stock has a market cap of $109.21 billion, a price-to-earnings ratio of 16.60, a PEG ratio of 1.80 and a beta of 1.20.
The company also recently declared a quarterly dividend, which was paid on Sunday, March 10th. Shareholders of record on Friday, February 15th were issued a dividend of $0.735 per share. This represents a $2.94 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date was Thursday, February 14th. United Technologies’s dividend payout ratio (DPR) is 38.63%.
In other United Technologies news, CEO Robert Kelly Ortberg sold 16,587 shares of the company’s stock in a transaction dated Thursday, February 28th. The shares were 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 in the company, valued at $8,888,010.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Robert J. Bailey sold 1,418 shares of the company’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 disclosure for this sale can be found here. Insiders have sold 97,770 shares of company stock valued at $12,153,044 over the last 90 days. Corporate insiders own 0.15% of the company’s stock.
Several equities analysts have commented on the stock. 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 report on Wednesday. JPMorgan Chase & Co. assumed coverage on shares of United Technologies in a research report on Friday, February 22nd. They set an “overweight” rating and a $132.00 target price on the stock. Goldman Sachs Group raised shares of United Technologies from a “buy” rating to a “conviction-buy” rating and set a $153.00 target price on the stock in a research report on Friday, February 1st. Royal Bank of Canada increased their target price on shares of United Technologies to $129.00 and gave the stock a “sector perform” rating in a research report on Thursday, January 24th. Finally, Bank of America reissued a “buy” rating and set a $185.00 target price on shares of United Technologies in a research report on Thursday, January 24th. Five investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $144.00.
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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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