Martin Investment Management LLC Sells 35,294 Shares of United Technologies Corporation (NYSE:UTX)
Martin Investment Management LLC reduced its position in United Technologies Corporation (NYSE:UTX) by 30.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 82,526 shares of the conglomerate’s stock after selling 35,294 shares during the period. United Technologies Corporation accounts for approximately 2.6% of Martin Investment Management LLC’s investment portfolio, making the stock its 27th largest position. Martin Investment Management LLC’s holdings in United Technologies Corporation were worth $9,260,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently added to or reduced their stakes in the company. Swiss National Bank increased its stake in United Technologies Corporation by 25.2% in the first quarter. Swiss National Bank now owns 2,771,721 shares of the conglomerate’s stock worth $311,015,000 after buying an additional 557,300 shares in the last quarter. American Century Companies Inc. increased its stake in United Technologies Corporation by 15.8% in the first quarter. American Century Companies Inc. now owns 3,430,061 shares of the conglomerate’s stock worth $384,887,000 after buying an additional 468,515 shares in the last quarter. Karp Capital Management Corp purchased a new stake in United Technologies Corporation during the first quarter worth about $40,211,000. UBS Asset Management Americas Inc. increased its stake in United Technologies Corporation by 11.8% in the first quarter. UBS Asset Management Americas Inc. now owns 2,858,758 shares of the conglomerate’s stock worth $320,781,000 after buying an additional 301,484 shares in the last quarter. Finally, Thomaspartners Inc. increased its stake in United Technologies Corporation by 9.1% in the first quarter. Thomaspartners Inc. now owns 2,401,311 shares of the conglomerate’s stock worth $269,451,000 after buying an additional 200,659 shares in the last quarter. 78.81% of the stock is owned by institutional investors and hedge funds.
United Technologies Corporation (NYSE:UTX) opened at 118.52 on Tuesday. United Technologies Corporation has a 52-week low of $97.62 and a 52-week high of $124.79. The stock has a market capitalization of $94.67 billion, a PE ratio of 18.05 and a beta of 1.06. The company’s 50-day moving average price is $121.70 and its 200 day moving average price is $116.57.
United Technologies Corporation (NYSE:UTX) last issued its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $1.85 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.78 by $0.07. United Technologies Corporation had a return on equity of 18.07% and a net margin of 9.15%. The business had revenue of $15.28 billion during the quarter, compared to analyst estimates of $15.24 billion. During the same quarter in the prior year, the business posted $1.82 EPS. United Technologies Corporation’s revenue for the quarter was up 2.7% compared to the same quarter last year. Equities analysts forecast that United Technologies Corporation will post $6.59 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, September 10th. Shareholders of record on Friday, August 18th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date of this dividend is Wednesday, August 16th. This is a positive change from United Technologies Corporation’s previous quarterly dividend of $0.66. United Technologies Corporation’s dividend payout ratio is presently 40.24%.
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Several equities analysts have recently weighed in on the company. Royal Bank Of Canada lifted their price target on United Technologies Corporation from $118.00 to $125.00 and gave the company a “sector perform” rating in a research report on Thursday, April 27th. Zacks Investment Research cut United Technologies Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, June 20th. Morgan Stanley lifted their price target on United Technologies Corporation from $120.00 to $123.00 and gave the company an “overweight” rating in a research report on Friday, April 28th. BidaskClub cut United Technologies Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, July 19th. Finally, UBS AG lifted their price target on United Technologies Corporation to $135.00 and gave the company a “buy” rating in a research report on Monday, July 10th. Thirteen research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. United Technologies Corporation presently has an average rating of “Hold” and a consensus target price of $123.54.
United Technologies Corporation Company Profile
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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