Synovus Financial Corp Increases Position in United Technologies Corporation (UTX)
Synovus Financial Corp boosted its stake in United Technologies Corporation (NYSE:UTX) by 0.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 105,319 shares of the conglomerate’s stock after acquiring an additional 734 shares during the period. Synovus Financial Corp’s holdings in United Technologies were worth $12,836,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in UTX. Tortoise Investment Management LLC lifted its position 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 acquiring an additional 48 shares during the last quarter. Seven Bridges Advisors LLC purchased a new stake in shares of United Technologies in the second quarter valued at about $120,000. Winfield Associates Inc. raised its holdings in shares of 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 buying an additional 29 shares during the last quarter. Shine Investment Advisory Services Inc. purchased a new stake in shares of United Technologies in the second quarter valued at about $131,000. Finally, Alexandria Capital LLC raised its holdings in shares of United Technologies by 0.3% in the second quarter. Alexandria Capital LLC now owns 1,078 shares of the conglomerate’s stock valued at $132,000 after buying an additional 3 shares during the last quarter. 78.33% of the stock is owned by hedge funds and other institutional investors.
United Technologies Corporation (NYSE UTX) traded up $0.18 during midday trading on Friday, reaching $116.91. 1,490,000 shares of the company traded hands, compared to its average volume of 2,545,281. The stock has a market capitalization of $93,360.82, a PE ratio of 17.66, a P/E/G ratio of 2.11 and a beta of 1.07. United Technologies Corporation has a 52-week low of $106.85 and a 52-week high of $124.79. The company has a quick ratio of 0.91, a current ratio of 1.31 and a debt-to-equity ratio of 0.76.
United Technologies (NYSE:UTX) last issued its earnings results on Tuesday, October 24th. The conglomerate reported $1.73 earnings per share for the quarter, topping the consensus estimate of $1.68 by $0.05. United Technologies had a net margin of 8.79% and a return on equity of 17.66%. The company had revenue of $15.06 billion for the quarter, compared to analyst estimates of $14.99 billion. During the same period in the prior year, the business posted $1.76 earnings per share. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. equities research analysts predict that United Technologies Corporation will post 6.61 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Sunday, December 10th. Shareholders of record on Friday, November 17th will be given a dividend of $0.70 per share. The ex-dividend date is Thursday, November 16th. This represents a $2.80 annualized dividend and a yield of 2.40%. United Technologies’s payout ratio is currently 43.41%.
In other United Technologies news, EVP Michael R. Dumais sold 2,986 shares of the company’s stock in a transaction dated Friday, November 3rd. The shares were 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 document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.16% of the company’s stock.
UTX has been the subject of a number of research reports. BidaskClub cut shares of United Technologies from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $125.00 target price on shares of United Technologies in a report on Sunday, August 13th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $139.00 target price on shares of United Technologies in a report on Tuesday, August 29th. Credit Suisse Group reaffirmed a “neutral” rating on shares of United Technologies in a report on Friday, September 1st. Finally, Vertical Research cut shares of United Technologies from a “buy” rating to a “hold” rating and set a $125.00 target price for the company. in a report on Tuesday, September 5th. Fourteen research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. United Technologies has a consensus rating of “Hold” and an average target price of $125.15.
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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