Pure Financial Advisors Inc. Cuts Stake in United Technologies Corporation (UTX)
Pure Financial Advisors Inc. lessened its position in shares of United Technologies Corporation (NYSE:UTX) by 10.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,914 shares of the conglomerate’s stock after selling 343 shares during the quarter. Pure Financial Advisors Inc.’s holdings in United Technologies Corporation were worth $356,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently modified their holdings of UTX. Swiss National Bank lifted its stake in shares of United Technologies Corporation by 25.2% during the first quarter. Swiss National Bank now owns 2,771,721 shares of the conglomerate’s stock valued at $311,015,000 after acquiring an additional 557,300 shares during the period. American Century Companies Inc. lifted 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 valued at $384,887,000 after buying an additional 468,515 shares during the period. Karp Capital Management Corp acquired a new position in United Technologies Corporation in the first quarter valued at about $40,211,000. UBS Asset Management Americas Inc. lifted 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 valued at $320,781,000 after buying an additional 301,484 shares during the period. Finally, Bank of Nova Scotia lifted its stake in United Technologies Corporation by 841.0% in the first quarter. Bank of Nova Scotia now owns 262,411 shares of the conglomerate’s stock valued at $29,445,000 after buying an additional 234,525 shares during the period. 78.79% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts have issued reports on UTX shares. Bank of America Corporation restated a “buy” rating and issued a $140.00 price target on shares of United Technologies Corporation in a report on Wednesday, September 6th. Deutsche Bank AG lowered their price target on United Technologies Corporation from $125.00 to $120.00 and set a “hold” rating for the company in a report on Wednesday, September 6th. Vertical Research downgraded United Technologies Corporation from a “buy” rating to a “hold” rating and set a $125.00 price objective for the company. in a report on Tuesday, September 5th. Cowen and Company downgraded United Technologies Corporation from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $127.00 to $120.00 in a report on Wednesday, September 6th. Finally, Zacks Investment Research downgraded United Technologies Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, June 20th. Sixteen research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $124.48.
Shares of United Technologies Corporation (UTX) traded up 0.45% on Friday, hitting $115.01. The stock had a trading volume of 2,833,424 shares. United Technologies Corporation has a 1-year low of $97.62 and a 1-year high of $124.79. The firm has a market capitalization of $91.87 billion, a price-to-earnings ratio of 17.52 and a beta of 1.05. The firm has a 50 day moving average of $115.56 and a 200-day moving average of $117.60.
United Technologies Corporation (NYSE:UTX) last posted its earnings results on Tuesday, July 25th. The conglomerate reported $1.85 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.78 by $0.07. United Technologies Corporation had a net margin of 9.15% and a return on equity of 18.07%. The company had revenue of $15.28 billion during the quarter, compared to analyst estimates of $15.24 billion. During the same period in the prior year, the business posted $1.82 earnings per share. United Technologies Corporation’s revenue for the quarter was up 2.7% on a year-over-year basis. Equities analysts predict that United Technologies Corporation will post $6.57 earnings per share for the current year.
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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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