United Technologies Co. (UTX) Position Decreased by Welch & Forbes LLC

Welch & Forbes LLC reduced its stake in shares of United Technologies Co. (NYSE:UTX) by 0.5% in the third quarter, Holdings Channel reports. The firm owned 750,012 shares of the conglomerate’s stock after selling 3,946 shares during the period. United Technologies makes up approximately 2.5% of Welch & Forbes LLC’s investment portfolio, making the stock its 3rd largest position. Welch & Forbes LLC’s holdings in United Technologies were worth $104,860,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Credit Agricole S A increased its position in United Technologies by 101.4% during the 2nd quarter. Credit Agricole S A now owns 866 shares of the conglomerate’s stock valued at $109,000 after buying an additional 436 shares in the last quarter. Jolley Asset Management LLC acquired a new position in United Technologies during the 2nd quarter valued at about $114,000. Fort L.P. acquired a new position in United Technologies during the 2nd quarter valued at about $120,000. WP Advisors LLC acquired a new position in United Technologies during the 2nd quarter valued at about $126,000. Finally, Kiley Juergens Wealth Management LLC acquired a new position in United Technologies during the 2nd quarter valued at about $127,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

A number of research analysts have recently weighed in on the company. UBS Group assumed coverage on United Technologies in a report on Wednesday, August 15th. They issued a “buy” rating on the stock. Zacks Investment Research raised United Technologies from a “hold” rating to a “buy” rating and set a $158.00 price objective on the stock in a report on Thursday, October 4th. Wolfe Research assumed coverage on United Technologies in a report on Wednesday, June 27th. They issued an “outperform” rating on the stock. ValuEngine raised United Technologies from a “hold” rating to a “buy” rating in a report on Tuesday, July 31st. Finally, Jefferies Financial Group set a $157.00 price objective on United Technologies and gave the company a “buy” rating in a report on Tuesday, July 10th. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $149.70.

In related news, CFO Akhil Johri sold 3,428 shares of the firm’s stock in a transaction dated Thursday, July 26th. The stock was sold at an average price of $135.82, for a total transaction of $465,590.96. Following the sale, the chief financial officer now directly owns 43,403 shares of the company’s stock, valued at $5,894,995.46. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Robert J. Bailey sold 828 shares of the firm’s stock in a transaction dated Tuesday, July 31st. The stock was sold at an average price of $134.75, for a total value of $111,573.00. Following the sale, the vice president now directly owns 2,000 shares in the company, valued at $269,500. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 18,511 shares of company stock worth $2,521,974. 0.17% of the stock is owned by corporate insiders.

Shares of UTX stock opened at $128.94 on Friday. The company has a current ratio of 1.46, a quick ratio of 1.10 and a debt-to-equity ratio of 0.82. The stock has a market capitalization of $104.07 billion, a PE ratio of 18.40, a PEG ratio of 1.97 and a beta of 0.98. United Technologies Co. has a fifty-two week low of $115.40 and a fifty-two week high of $144.15.

United Technologies (NYSE:UTX) last announced its quarterly earnings data on Tuesday, July 24th. The conglomerate reported $1.97 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.12. The business had revenue of $16.71 billion for the quarter, compared to analyst estimates of $16.26 billion. United Technologies had a return on equity of 17.53% and a net margin of 8.09%. The company’s revenue was up 9.3% on a year-over-year basis. During the same period in the prior year, the company earned $1.85 earnings per share. Research analysts anticipate that United Technologies Co. will post 7.23 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Investors of record on Friday, November 16th will be issued a dividend of $0.735 per share. This represents a $2.94 annualized dividend and a yield of 2.28%. This is a positive change from United Technologies’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Thursday, November 15th. United Technologies’s dividend payout ratio (DPR) is 42.11%.

United Technologies Company Profile

United Technologies Corporation provides technology products and services to building systems and aerospace industries worldwide. Its Otis segment designs, manufactures, sells, and installs passenger and freight elevators, escalators, and moving walkways; and offers modernization products to upgrade elevators and escalators, as well as maintenance and repair services.

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Institutional Ownership by Quarter for United Technologies (NYSE:UTX)

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