State Street Corp Has $10.58 Billion Position in United Technologies Corporation (UTX)
State Street Corp reduced its position in shares of United Technologies Corporation (NYSE:UTX) by 1.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 94,264,829 shares of the conglomerate’s stock after selling 1,151,680 shares during the period. United Technologies Corporation accounts for approximately 0.9% of State Street Corp’s investment portfolio, making the stock its 15th largest position. State Street Corp owned about 0.12% of United Technologies Corporation worth $10,577,462,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in UTX. Swiss National Bank increased its position in shares of United Technologies Corporation by 25.2% in the first quarter. Swiss National Bank now owns 2,771,721 shares of the conglomerate’s stock worth $311,015,000 after buying an additional 557,300 shares in the last quarter. American Century Companies Inc. increased its position in shares of United Technologies Corporation by 15.8% in the first quarter. American Century Companies Inc. now owns 3,430,061 shares of the conglomerate’s stock worth $384,887,000 after buying an additional 468,515 shares in the last quarter. Karp Capital Management Corp bought a new position in shares of United Technologies Corporation during the first quarter worth about $40,211,000. UBS Asset Management Americas Inc. increased its position in shares of United Technologies Corporation by 11.8% in the first quarter. UBS Asset Management Americas Inc. now owns 2,858,758 shares of the conglomerate’s stock worth $320,781,000 after buying an additional 301,484 shares in the last quarter. Finally, Thomaspartners Inc. increased its position in shares of United Technologies Corporation by 9.1% in the first quarter. Thomaspartners Inc. now owns 2,401,311 shares of the conglomerate’s stock worth $269,451,000 after buying an additional 200,659 shares in the last quarter. Institutional investors and hedge funds own 78.81% of the company’s stock.
Shares of United Technologies Corporation (NYSE:UTX) traded up 0.11% during mid-day trading on Friday, reaching $116.89. The company’s stock had a trading volume of 2,090,943 shares. The stock has a market capitalization of $93.37 billion, a price-to-earnings ratio of 17.81 and a beta of 1.06. The company’s 50-day moving average is $121.18 and its 200-day moving average is $116.91. United Technologies Corporation has a 52 week low of $97.62 and a 52 week high of $124.79.
United Technologies Corporation (NYSE:UTX) last released its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $1.85 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.78 by $0.07. The firm had revenue of $15.28 billion for the quarter, compared to analyst estimates of $15.24 billion. United Technologies Corporation had a return on equity of 18.07% and a net margin of 9.15%. The business’s revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the company posted $1.82 earnings per share. Equities analysts predict that United Technologies Corporation will post $6.58 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Sunday, September 10th. Investors of record on Friday, August 18th will be given a $0.70 dividend. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $2.80 dividend on an annualized basis and a yield of 2.40%. This is an increase from United Technologies Corporation’s previous quarterly dividend of $0.66. United Technologies Corporation’s dividend payout ratio (DPR) is presently 40.24%.
UTX has been the topic of a number of analyst reports. Royal Bank Of Canada lifted their price target on United Technologies Corporation from $118.00 to $125.00 and gave the company a “sector perform” rating in a report on Thursday, April 27th. Zacks Investment Research downgraded United Technologies Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, June 20th. Credit Suisse Group reiterated a “buy” rating and issued a $136.00 price target on shares of United Technologies Corporation in a report on Wednesday, July 26th. Morgan Stanley lifted their price target on United Technologies Corporation from $120.00 to $123.00 and gave the company an “overweight” rating in a report on Friday, April 28th. Finally, BidaskClub downgraded United Technologies Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, July 19th. Thirteen analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $123.54.
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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