State Treasurer State of Michigan Reduces Stake in United Technologies Co. (UTX)
State Treasurer State of Michigan lowered its stake in United Technologies Co. (NYSE:UTX) by 4.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 473,103 shares of the conglomerate’s stock after selling 19,500 shares during the quarter. State Treasurer State of Michigan owned approximately 0.06% of United Technologies worth $54,918,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of the company. FMR LLC grew its position in United Technologies by 13.2% in the 2nd quarter. FMR LLC now owns 20,590,579 shares of the conglomerate’s stock valued at $2,514,316,000 after purchasing an additional 2,401,795 shares during the period. Harbour Capital Advisors LLC grew its position in United Technologies by 11,652.2% in the 2nd quarter. Harbour Capital Advisors LLC now owns 2,127,156 shares of the conglomerate’s stock valued at $17,420,000 after purchasing an additional 2,109,056 shares during the period. Vanguard Group Inc. grew its position in United Technologies by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 54,813,285 shares of the conglomerate’s stock valued at $6,693,250,000 after purchasing an additional 848,623 shares during the period. Flossbach Von Storch AG grew its position in United Technologies by 95.6% in the 2nd quarter. Flossbach Von Storch AG now owns 1,617,008 shares of the conglomerate’s stock valued at $197,453,000 after purchasing an additional 790,496 shares during the period. Finally, Parametric Portfolio Associates LLC grew its position in United Technologies by 50.9% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 2,244,427 shares of the conglomerate’s stock valued at $274,067,000 after purchasing an additional 756,600 shares during the period. 80.07% of the stock is owned by hedge funds and other institutional investors.
Several analysts recently issued reports on UTX shares. Zacks Investment Research raised shares of United Technologies from a “sell” rating to a “hold” rating in a research report on Thursday, October 26th. Cowen restated a “buy” rating and set a $127.00 price objective on shares of United Technologies in a research note on Tuesday, September 5th. Credit Suisse Group restated a “neutral” rating on shares of United Technologies in a research note on Friday, September 1st. Jefferies Group restated a “buy” rating and set a $139.00 price objective on shares of United Technologies in a research note on Tuesday, August 29th. Finally, Royal Bank of Canada set a $126.00 price objective on United Technologies and gave the company a “hold” rating in a research note on Sunday, November 12th. Fourteen analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $125.63.
United Technologies (NYSE:UTX) last posted its earnings results 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. The business had revenue of $15.06 billion during the quarter, compared to analyst estimates of $14.99 billion. United Technologies had a return on equity of 17.66% and a net margin of 8.79%. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.76 EPS. equities research analysts expect that United Technologies Co. will post 6.61 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Sunday, December 10th. Stockholders of record on Friday, November 17th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.21%. The ex-dividend date of this dividend was Thursday, November 16th. United Technologies’s payout ratio is 43.41%.
In other United Technologies news, VP Robert J. Bailey sold 827 shares of the company’s stock in a transaction that occurred on 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Michael R. Dumais sold 2,986 shares of the company’s stock in a transaction that occurred on Friday, November 3rd. The stock was 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 directly owns 27,548 shares of the company’s stock, valued at approximately $3,332,757.04. The disclosure for this sale can be found here. Insiders have sold 16,466 shares of company stock valued at $2,019,274 in the last three months. 0.16% of the stock is owned by 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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