United Technologies Corporation (NYSE:UTX) declared a quarterly dividend on Wednesday, October 11th, RTT News reports. Shareholders 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 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date of this dividend is Thursday, November 16th.
United Technologies Corporation has raised its dividend by an average of 6.1% annually over the last three years and has increased its dividend annually for the last 5 consecutive years. United Technologies Corporation has a dividend payout ratio of 42.4% meaning 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 (UTX) opened at $118.80 on Wednesday. The company has a quick ratio of 0.91, a current ratio of 1.31 and a debt-to-equity ratio of 0.76. The firm has a market cap of $93,488.59, a PE ratio of 17.68, a P/E/G ratio of 2.11 and a beta of 1.07. United Technologies Corporation has a fifty-two week low of $106.21 and a fifty-two week high of $124.79.
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Several equities research analysts have commented on the stock. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $135.00 price objective (up from $130.00) on shares of United Technologies Corporation in a report on Friday, July 21st. Zacks Investment Research raised shares of United Technologies Corporation from a “sell” rating to a “hold” rating in a report on Thursday, October 26th. BidaskClub raised shares of United Technologies Corporation from a “sell” rating to a “hold” rating in a report on Monday, August 7th. Vertical Research downgraded shares of United Technologies Corporation from a “buy” rating to a “hold” rating and set a $125.00 price objective on the stock. in a report on Tuesday, September 5th. Finally, Royal Bank Of Canada reiterated a “hold” rating and set a $125.00 price target on shares of United Technologies Corporation in a research report on Sunday, August 13th. Fourteen analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $125.15.
In related news, EVP Michael R. Dumais sold 2,986 shares of the company’s stock in a transaction that occurred on Friday, November 3rd. The shares were 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 in the company, valued at $3,332,757.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.16% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. Rowland & Co. Investment Counsel ADV boosted its stake in United Technologies Corporation by 0.3% in the second quarter. Rowland & Co. Investment Counsel ADV now owns 1,167 shares of the conglomerate’s stock worth $143,000 after buying an additional 3 shares in the last quarter. Acrospire Investment Management LLC purchased a new stake in United Technologies Corporation in the second quarter worth approximately $195,000. Segment Wealth Management LLC purchased a new stake in United Technologies Corporation in the second quarter worth approximately $215,000. Rafferty Asset Management LLC purchased a new stake in United Technologies Corporation in the second quarter worth approximately $215,000. Finally, Miles Capital Inc. boosted its stake in United Technologies Corporation by 3.7% in the second quarter. Miles Capital Inc. now owns 1,877 shares of the conglomerate’s stock worth $229,000 after buying an additional 67 shares in the last quarter. 78.80% of the stock is owned by institutional investors and hedge funds.
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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