Regal Wealth Group Inc. raised its position in United Technologies Co. (NYSE:UTX) by 6.8% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 12,895 shares of the conglomerate’s stock after acquiring an additional 824 shares during the quarter. United Technologies comprises approximately 1.3% of Regal Wealth Group Inc.’s holdings, making the stock its 19th largest position. Regal Wealth Group Inc.’s holdings in United Technologies were worth $1,373,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in UTX. Phocas Financial Corp. acquired a new position in shares of United Technologies during the second quarter worth about $25,000. Krane Funds Advisors LLC acquired a new position in shares of United Technologies during the second quarter worth about $26,000. Transamerica Financial Advisors Inc. acquired a new position in shares of United Technologies during the second quarter worth about $30,000. American National Bank acquired a new position in shares of United Technologies during the third quarter worth about $34,000. Finally, Financial Management Professionals Inc. grew its position in shares of United Technologies by 3,600.0% during the third quarter. Financial Management Professionals Inc. now owns 259 shares of the conglomerate’s stock worth $35,000 after buying an additional 252 shares in the last quarter. 80.73% of the stock is owned by institutional investors.
In other news, VP Robert J. Bailey sold 831 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $135.09, for a total transaction of $112,259.79. Following the completion of the sale, the vice president now owns 2,000 shares in the company, valued at $270,180. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Charles D. Gill sold 26,542 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $131.42, for a total value of $3,488,149.64. Following the sale, the vice president now owns 103,458 shares of the company’s stock, valued at approximately $13,596,450.36. The disclosure for this sale can be found here. In the last quarter, insiders sold 103,123 shares of company stock valued at $13,787,015. 0.15% of the stock is owned by company insiders.
United Technologies (NYSE:UTX) last issued its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $2.21 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.03 by $0.18. United Technologies had a return on equity of 16.81% and a net margin of 7.13%. The company had revenue of $19.50 billion during the quarter, compared to analysts’ expectations of $19.31 billion. During the same quarter in the previous year, the business earned $1.93 earnings per share. The firm’s revenue for the quarter was up 18.1% on a year-over-year basis. On average, sell-side analysts predict that United Technologies Co. will post 8.03 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 15th will be paid a $0.735 dividend. This represents a $2.94 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date is Thursday, November 14th. United Technologies’s dividend payout ratio is currently 38.63%.
A number of equities analysts have recently commented on the company. Credit Suisse Group assumed coverage on United Technologies in a research report on Thursday, October 3rd. They set an “outperform” rating and a $164.00 price objective for the company. Cowen reissued a “buy” rating and set a $150.00 price objective on shares of United Technologies in a research report on Wednesday, September 4th. Zacks Investment Research downgraded United Technologies from a “strong-buy” rating to a “hold” rating and set a $151.00 price objective for the company. in a research report on Friday, July 19th. William Blair reissued a “hold” rating on shares of United Technologies in a research report on Tuesday, September 3rd. Finally, Bank of America reissued a “buy” rating and set a $195.00 price objective (up from $185.00) on shares of United Technologies in a research report on Thursday, July 25th. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $154.81.
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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