Grimes & Company Inc. Sells 700 Shares of United Technologies Co. (UTX)
Grimes & Company Inc. lowered its position in United Technologies Co. (NYSE:UTX) by 14.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,158 shares of the conglomerate’s stock after selling 700 shares during the quarter. Grimes & Company Inc.’s holdings in United Technologies were worth $483,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its position 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 buying an additional 848,623 shares during the last quarter. BlackRock Inc. lifted its position in shares of United Technologies by 0.3% in the second quarter. BlackRock Inc. now owns 44,095,986 shares of the conglomerate’s stock worth $5,384,561,000 after buying an additional 133,036 shares during the last quarter. FMR LLC lifted its position 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 buying an additional 2,401,795 shares during the last quarter. Capital Research Global Investors lifted its position in shares of United Technologies by 3.6% in the second quarter. Capital Research Global Investors now owns 8,779,642 shares of the conglomerate’s stock worth $1,072,082,000 after buying an additional 304,989 shares during the last quarter. Finally, Boston Partners lifted its position in shares of United Technologies by 5.3% in the third quarter. Boston Partners now owns 5,467,419 shares of the conglomerate’s stock worth $634,658,000 after buying an additional 274,184 shares during the last quarter. Hedge funds and other institutional investors own 80.07% of the company’s stock.
In related news, EVP Michael R. Dumais sold 2,986 shares of the business’s 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 in the company, valued at $3,332,757.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Robert J. Bailey sold 827 shares of the business’s stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $118.06, for a total value of $97,635.62. The disclosure for this sale can be found here. Insiders have sold 16,466 shares of company stock worth $2,019,274 over the last 90 days. Corporate insiders own 0.16% of the company’s stock.
United Technologies (NYSE:UTX) last issued its quarterly earnings results on Tuesday, October 24th. The conglomerate reported $1.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.05. United Technologies 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 analyst estimates of $14.99 billion. During the same period in the previous year, the company posted $1.76 earnings per share. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. analysts forecast that United Technologies Co. will post 6.61 earnings per share for the current fiscal year.
A number of analysts have weighed in on the company. Goldman Sachs Group raised United Technologies from a “neutral” rating to a “buy” rating in a research report on Monday. Robert W. Baird raised United Technologies from a “neutral” rating to an “outperform” rating in a research report on Friday, January 5th. 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. Cowen reissued a “hold” rating and set a $120.00 price objective on shares of United Technologies in a research report on Tuesday, October 24th. Finally, Atlantic Securities raised United Technologies from a “neutral” rating to an “overweight” rating in a research report on Tuesday, December 5th. Twelve investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. United Technologies presently has a consensus rating of “Hold” and a consensus target price of $125.63.
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United Technologies 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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