United Technologies Corporation (UTX) To Go Ex-Dividend on November 16th
United Technologies Corporation (NYSE:UTX) declared a quarterly dividend on Wednesday, October 11th, RTT News reports. Stockholders of record on Friday, November 17th will be given a dividend of 0.70 per share by the conglomerate on Sunday, December 10th. This represents a $2.80 annualized dividend and a dividend yield of 2.37%. The ex-dividend date of this dividend is Thursday, November 16th.
United Technologies Corporation has raised its dividend by an average of 6.1% per year over the last three years and has increased its dividend every year for the last 5 years. United Technologies Corporation has a dividend payout ratio of 42.4% indicating that its dividend is sufficiently covered by earnings. Analysts expect United Technologies Corporation to earn $6.86 per share next year, which means the company should continue to be able to cover its $2.80 annual dividend with an expected future payout ratio of 40.8%.
United Technologies Corporation (NYSE UTX) opened at $118.11 on Friday. The stock has a market capitalization of $94,526.73, a price-to-earnings ratio of 17.88, a PEG ratio of 2.13 and a beta of 1.07. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.91 and a current ratio of 1.31. United Technologies Corporation has a one year low of $106.21 and a one year high of $124.79.
United Technologies Corporation (NYSE:UTX) last announced its earnings results on Tuesday, October 24th. The conglomerate reported $1.73 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.05. United Technologies Corporation had a net margin of 8.79% and a return on equity of 17.66%. The firm had revenue of $15.06 billion during the quarter, compared to the consensus estimate of $14.99 billion. During the same quarter in the previous year, the company posted $1.76 EPS. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. research analysts forecast that United Technologies Corporation will post 6.61 earnings per share for the current fiscal year.
Several brokerages recently weighed in on UTX. Cowen and Company reissued a “buy” rating and issued a $127.00 target price on shares of United Technologies Corporation in a research note on Tuesday, July 25th. BidaskClub cut United Technologies Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, July 19th. Sanford C. Bernstein restated a “market perform” rating and issued a $135.00 price target (up previously from $130.00) on shares of United Technologies Corporation in a report on Friday, July 21st. Credit Suisse Group restated a “buy” rating and issued a $136.00 price target on shares of United Technologies Corporation in a report on Wednesday, July 26th. Finally, Stifel Nicolaus lifted their price target on United Technologies Corporation from $122.00 to $124.00 and gave the company a “hold” rating in a report on Wednesday, October 25th. Fourteen investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. United Technologies Corporation has an average rating of “Hold” and a consensus target price of $125.15.
In other United Technologies Corporation news, 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 transaction, the executive vice president now directly owns 27,548 shares of the company’s stock, valued at approximately $3,332,757.04. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.16% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the business. Rowland & Co. Investment Counsel ADV raised its position in shares of United Technologies Corporation by 0.3% in the 2nd quarter. Rowland & Co. Investment Counsel ADV now owns 1,167 shares of the conglomerate’s stock valued at $143,000 after purchasing an additional 3 shares in the last quarter. Acrospire Investment Management LLC acquired a new position in shares of United Technologies Corporation in the 2nd quarter valued at approximately $195,000. Rafferty Asset Management LLC acquired a new position in shares of United Technologies Corporation in the 2nd quarter valued at approximately $215,000. Segment Wealth Management LLC acquired a new stake in shares of United Technologies Corporation during the 2nd quarter valued at approximately $215,000. Finally, IHT Wealth Management LLC raised its position in shares of United Technologies Corporation by 18.5% during the 2nd quarter. IHT Wealth Management LLC now owns 2,561 shares of the conglomerate’s stock valued at $221,000 after acquiring an additional 399 shares in the last quarter. 78.81% of the stock is currently owned by institutional investors.
About United Technologies Corporation
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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