Fulton Bank N.A. Sells 776 Shares of United Technologies Co. (UTX)
Fulton Bank N.A. reduced its stake in United Technologies Co. (NYSE:UTX) by 3.7% during the fourth quarter, Holdings Channel reports. The fund owned 20,484 shares of the conglomerate’s stock after selling 776 shares during the period. Fulton Bank N.A.’s holdings in United Technologies were worth $2,614,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in UTX. FMR LLC grew its stake in shares of United Technologies by 13.2% in the second quarter. FMR LLC now owns 20,590,579 shares of the conglomerate’s stock worth $2,514,316,000 after acquiring an additional 2,401,795 shares during the last quarter. Stifel Financial Corp grew its stake in shares of United Technologies by 14,827.8% in the third quarter. Stifel Financial Corp now owns 1,079,875 shares of the conglomerate’s stock worth $125,442,000 after acquiring an additional 1,072,641 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of United Technologies by 1.6% in the second quarter. Vanguard Group Inc. now owns 54,813,285 shares of the conglomerate’s stock worth $6,693,250,000 after acquiring an additional 848,623 shares during the last quarter. Parametric Portfolio Associates LLC boosted its position in shares of United Technologies by 50.9% during the second quarter. Parametric Portfolio Associates LLC now owns 2,244,427 shares of the conglomerate’s stock valued at $274,067,000 after buying an additional 756,600 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its position in shares of United Technologies by 325.4% during the second quarter. Arrowstreet Capital Limited Partnership now owns 880,900 shares of the conglomerate’s stock valued at $107,567,000 after buying an additional 673,800 shares during the last quarter. 80.01% of the stock is currently owned by hedge funds and other institutional investors.
In other United Technologies news, VP Robert J. Bailey sold 864 shares of the stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $126.01, for a total value of $108,872.64. Following the transaction, the vice president now owns 2,000 shares of the company’s stock, valued at $252,020. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Akhil Johri sold 5,979 shares of the stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $121.03, for a total value of $723,638.37. Following the completion of the transaction, the vice president now directly owns 23,295 shares in the company, valued at approximately $2,819,393.85. The disclosure for this sale can be found here. In the last three months, insiders sold 13,480 shares of company stock worth $1,658,028. 0.16% of the stock is owned by corporate insiders.
United Technologies (NYSE:UTX) last posted its earnings results on Wednesday, January 24th. The conglomerate reported $1.60 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.04. United Technologies had a return on equity of 17.35% and a net margin of 7.61%. The company had revenue of $15.68 billion for the quarter, compared to the consensus estimate of $15.34 billion. During the same quarter in the prior year, the company earned $1.56 earnings per share. United Technologies’s revenue was up 7.0% on a year-over-year basis. equities research analysts forecast that United Technologies Co. will post 7.01 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Saturday, March 10th. Shareholders of record on Friday, February 16th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date is Thursday, February 15th. United Technologies’s dividend payout ratio is 49.12%.
Several equities research analysts recently commented on UTX shares. Zacks Investment Research cut United Technologies from a “hold” rating to a “sell” rating in a research report on Monday, October 16th. Royal Bank of Canada raised United Technologies from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, January 3rd. They noted that the move was a valuation call. Robert W. Baird raised United Technologies from a “neutral” rating to an “outperform” rating in a research report on Friday, January 5th. Atlantic Securities raised United Technologies from a “neutral” rating to an “overweight” rating in a research report on Tuesday, December 5th. Finally, Cowen reaffirmed a “hold” rating and set a $120.00 price objective on shares of United Technologies in a research report on Friday, November 10th. Nine research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. United Technologies has an average rating of “Buy” and an average price target of $136.15.
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About United Technologies
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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