Principal Financial Group Inc. Reduces Stake in United Technologies Co. (UTX)
Principal Financial Group Inc. trimmed its position in United Technologies Co. (NYSE:UTX) by 2.7% in the third quarter, according to its most recent filing with the SEC. The fund owned 1,052,870 shares of the conglomerate’s stock after selling 29,592 shares during the period. Principal Financial Group Inc.’s holdings in United Technologies were worth $122,217,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also recently made changes to their positions in UTX. Knowledge Leaders Capital LLC acquired a new stake in United Technologies in the third quarter valued at $105,000. Tortoise Investment Management LLC increased its holdings in United Technologies by 5.3% in the second quarter. Tortoise Investment Management LLC now owns 962 shares of the conglomerate’s stock valued at $117,000 after purchasing an additional 48 shares during the period. Seven Bridges Advisors LLC acquired a new stake in United Technologies in the second quarter valued at $120,000. Thompson Davis & CO. Inc. increased its holdings in United Technologies by 750.4% in the third quarter. Thompson Davis & CO. Inc. now owns 1,080 shares of the conglomerate’s stock valued at $125,000 after purchasing an additional 953 shares during the period. Finally, Winfield Associates Inc. increased its holdings in United Technologies by 2.9% in the second quarter. Winfield Associates Inc. now owns 1,029 shares of the conglomerate’s stock valued at $126,000 after purchasing an additional 29 shares during the period. Institutional investors own 80.07% of the company’s stock.
Shares of United Technologies Co. (NYSE UTX) opened at $132.82 on Tuesday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.31 and a quick ratio of 0.91. The company has a market capitalization of $106,070.00, a PE ratio of 20.56, a PEG ratio of 2.29 and a beta of 1.07. United Technologies Co. has a 12 month low of $106.85 and a 12 month high of $135.79.
The company also recently announced a quarterly dividend, which was paid on Sunday, December 10th. Stockholders of record on Friday, November 17th were paid a $0.70 dividend. The ex-dividend date of this dividend was Thursday, November 16th. This represents a $2.80 annualized dividend and a dividend yield of 2.11%. United Technologies’s dividend payout ratio is presently 43.34%.
A number of analysts recently weighed in on UTX shares. Goldman Sachs Group upgraded United Technologies from a “neutral” rating to a “buy” rating in a report on Monday. Royal Bank of Canada restated a “hold” rating and issued a $126.00 price objective on shares of United Technologies in a report on Tuesday, October 10th. Cowen restated a “hold” rating and issued a $120.00 price objective on shares of United Technologies in a report on Friday, November 10th. Zacks Investment Research upgraded United Technologies from a “sell” rating to a “hold” rating in a report on Thursday, October 26th. Finally, Stifel Nicolaus increased their price objective on United Technologies from $122.00 to $124.00 and gave the company a “hold” rating in a report on Wednesday, October 25th. Twelve research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. United Technologies presently has a consensus rating of “Hold” and a consensus price target of $125.63.
In other news, VP Robert J. Bailey sold 827 shares of the firm’s stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $118.06, for a total value of $97,635.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Michael R. Dumais sold 2,986 shares of the firm’s stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $120.98, for a total value of $361,246.28. Following the completion of the sale, the executive vice president now owns 27,548 shares of the company’s stock, valued at $3,332,757.04. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 16,466 shares of company stock valued at $2,019,274. 0.16% of the stock is currently owned by company insiders.
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United Technologies 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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