Essex Financial Services Inc. Decreases Holdings in United Technologies Corporation (UTX)
Essex Financial Services Inc. decreased its position in United Technologies Corporation (NYSE:UTX) by 3.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 30,652 shares of the conglomerate’s stock after selling 1,158 shares during the quarter. Essex Financial Services Inc.’s holdings in United Technologies Corporation were worth $3,743,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently bought and sold shares of UTX. Alpha Cubed Investments LLC raised its holdings in United Technologies Corporation by 21.4% in the first quarter. Alpha Cubed Investments LLC now owns 101,345 shares of the conglomerate’s stock worth $11,372,000 after purchasing an additional 17,888 shares in the last quarter. Chicago Equity Partners LLC raised its holdings in United Technologies Corporation by 9.9% in the first quarter. Chicago Equity Partners LLC now owns 6,785 shares of the conglomerate’s stock worth $761,000 after purchasing an additional 610 shares in the last quarter. Jackson Grant Investment Advisers Inc. raised its holdings in United Technologies Corporation by 0.5% in the first quarter. Jackson Grant Investment Advisers Inc. now owns 1,780 shares of the conglomerate’s stock worth $200,000 after purchasing an additional 9 shares in the last quarter. Capital One National Association raised its holdings in United Technologies Corporation by 6.0% in the first quarter. Capital One National Association now owns 9,993 shares of the conglomerate’s stock worth $1,121,000 after purchasing an additional 563 shares in the last quarter. Finally, Eagle Ridge Investment Management raised its holdings in United Technologies Corporation by 3.3% in the first quarter. Eagle Ridge Investment Management now owns 51,808 shares of the conglomerate’s stock worth $5,813,000 after purchasing an additional 1,652 shares in the last quarter. Institutional investors and hedge funds own 78.81% of the company’s stock.
United Technologies Corporation (NYSE UTX) opened at $118.11 on Friday. United Technologies Corporation has a 12-month low of $106.21 and a 12-month high of $124.79. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.91 and a current ratio of 1.31. The firm has a market capitalization of $96,051.99, a PE ratio of 18.17, a PEG ratio of 2.17 and a beta of 1.07.
United Technologies Corporation (NYSE:UTX) last posted its quarterly earnings data on Tuesday, October 24th. The conglomerate reported $1.73 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.68 by $0.05. United Technologies Corporation had a return on equity of 17.66% and a net margin of 8.79%. The firm had revenue of $15.06 billion for the quarter, compared to analysts’ expectations of $14.99 billion. During the same period in the previous year, the firm earned $1.76 EPS. The business’s quarterly revenue was up 4.9% on a year-over-year basis. sell-side analysts predict that United Technologies Corporation will post 6.61 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Sunday, December 10th. Stockholders of record on Friday, November 17th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.37%. United Technologies Corporation’s payout ratio is currently 43.41%.
In other news, EVP Michael R. Dumais sold 2,986 shares of United Technologies Corporation stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $120.98, for a total transaction of $361,246.28. Following the transaction, the executive vice president now directly owns 27,548 shares of the company’s stock, valued at approximately $3,332,757.04. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.16% of the stock is owned by insiders.
UTX has been the subject of several analyst reports. Cowen and Company restated a “hold” rating and set a $120.00 price target on shares of United Technologies Corporation in a report on Friday. Sanford C. Bernstein restated a “market perform” rating and set a $135.00 price target (up from $130.00) on shares of United Technologies Corporation in a report on Friday, July 21st. Zacks Investment Research upgraded United Technologies Corporation from a “sell” rating to a “hold” rating in a report on Thursday, October 26th. BidaskClub upgraded United Technologies Corporation from a “sell” rating to a “hold” rating in a report on Monday, August 7th. Finally, Vertical Research downgraded United Technologies Corporation from a “buy” rating to a “hold” rating and set a $125.00 price target for the company. in a report on Tuesday, September 5th. Fourteen research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $125.15.
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United Technologies Corporation Company Profile
United Technologies Corporation is engaged in providing high technology products and services to the building systems and aerospace industries around the world. The Company operates through four segments: Otis; UTC Climate, Controls & Security; Pratt & Whitney, and UTC Aerospace Systems. Otis operates as an elevator and escalator manufacturing, installation and service company.
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