IMA Wealth Inc. boosted its stake in United Technologies Co. (NYSE:UTX) by 9.9% in the third quarter, HoldingsChannel reports. The institutional investor owned 10,235 shares of the conglomerate’s stock after acquiring an additional 920 shares during the quarter. IMA Wealth Inc.’s holdings in United Technologies were worth $1,431,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in the business. Credit Agricole S A increased its stake in shares of United Technologies by 101.4% during the 2nd quarter. Credit Agricole S A now owns 866 shares of the conglomerate’s stock worth $109,000 after purchasing an additional 436 shares during the last quarter. Jolley Asset Management LLC acquired a new position in shares of United Technologies during the 2nd quarter worth $114,000. Fort L.P. acquired a new position in shares of United Technologies during the 2nd quarter worth $120,000. WP Advisors LLC acquired a new position in shares of United Technologies during the 2nd quarter worth $126,000. Finally, Kiley Juergens Wealth Management LLC acquired a new position in shares of United Technologies during the 2nd quarter worth $127,000. Institutional investors own 81.79% of the company’s stock.
In related news, VP Charles D. Gill sold 14,255 shares of the firm’s stock in a transaction on Thursday, July 26th. The shares were sold at an average price of $136.43, for a total value of $1,944,809.65. Following the transaction, the vice president now directly owns 55,029 shares in the company, valued at approximately $7,507,606.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Robert J. Bailey sold 828 shares of the firm’s stock in a transaction on Tuesday, July 31st. The shares were sold at an average price of $134.75, for a total transaction of $111,573.00. Following the completion of the transaction, the vice president now owns 2,000 shares in the company, valued at $269,500. The disclosure for this sale can be found here. Insiders sold a total of 18,511 shares of company stock worth $2,521,974 over the last quarter. 0.17% of the stock is currently owned by company insiders.
United Technologies (NYSE:UTX) last posted its earnings results on Tuesday, July 24th. The conglomerate reported $1.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.12. United Technologies had a net margin of 8.09% and a return on equity of 17.53%. The business had revenue of $16.71 billion for the quarter, compared to analyst estimates of $16.26 billion. During the same period last year, the business posted $1.85 EPS. United Technologies’s revenue was up 9.3% compared to the same quarter last year. Research analysts forecast that United Technologies Co. will post 7.23 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Investors of record on Friday, November 16th will be paid a $0.735 dividend. The ex-dividend date is Thursday, November 15th. This is a positive change from United Technologies’s previous quarterly dividend of $0.70. This represents a $2.94 dividend on an annualized basis and a yield of 2.28%. United Technologies’s dividend payout ratio (DPR) is presently 42.11%.
Several research analysts have recently commented on UTX shares. Zacks Investment Research lowered shares of United Technologies from a “buy” rating to a “hold” rating in a research note on Tuesday, July 31st. Robert W. Baird increased their price target on shares of United Technologies from $156.00 to $167.00 and gave the stock a “neutral” rating in a research note on Thursday, September 20th. ValuEngine upgraded shares of United Technologies from a “hold” rating to a “buy” rating in a research note on Friday, September 14th. Jefferies Financial Group set a $157.00 price target on shares of United Technologies and gave the stock a “buy” rating in a research note on Tuesday, July 10th. Finally, Wolfe Research started coverage on shares of United Technologies in a research note on Wednesday, June 27th. They set an “outperform” rating on the stock. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $149.70.
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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