Investors Buy United Technologies (UTX) on Weakness After Insider Selling
Investors bought shares of United Technologies Corporation (NYSE:UTX) on weakness during trading on Friday following insider selling activity. $177.91 million flowed into the stock on the tick-up and $63.18 million flowed out of the stock on the tick-down, for a money net flow of $114.73 million into the stock. Of all stocks tracked, United Technologies had the 6th highest net in-flow for the day. United Technologies traded down ($1.33) for the day and closed at $120.12Specifically, EVP Michael R. Dumais sold 2,986 shares of the company’s stock in a transaction that occurred on Friday, November 3rd. The shares were sold at an average price of $120.98, for a total value of $361,246.28. Following the completion of the transaction, the executive vice president now owns 27,548 shares in the company, valued at $3,332,757.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Robert J. Bailey sold 827 shares of the company’s stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $118.06, for a total transaction of $97,635.62. The disclosure for this sale can be found here. 0.16% of the stock is owned by corporate insiders.
Several research firms have recently weighed in on UTX. BidaskClub upgraded shares of United Technologies from a “sell” rating to a “hold” rating in a report on Monday, August 7th. Cowen reiterated a “hold” rating and issued a $120.00 price target on shares of United Technologies in a report on Tuesday, October 24th. Stifel Nicolaus upped their price target on shares of United Technologies from $122.00 to $124.00 and gave the company a “hold” rating in a report on Wednesday, October 25th. Zacks Investment Research upgraded shares of United Technologies from a “sell” rating to a “hold” rating in a report on Thursday, October 26th. Finally, Royal Bank Of Canada restated a “hold” rating and set a $126.00 target price on shares of United Technologies in a report on Tuesday, October 10th. Fourteen investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $125.15.
The company has a market cap of $95,920.00, a price-to-earnings ratio of 17.78, a P/E/G ratio of 2.12 and a beta of 1.07. The company has a quick ratio of 0.91, a current ratio of 1.31 and a debt-to-equity ratio of 0.76.
United Technologies (NYSE:UTX) last announced its earnings results on Tuesday, October 24th. The conglomerate reported $1.73 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.68 by $0.05. United Technologies had a net margin of 8.79% and a return on equity of 17.66%. The business had revenue of $15.06 billion during the quarter, compared to analysts’ expectations of $14.99 billion. During the same quarter in the prior year, the company posted $1.76 earnings per share. The firm’s revenue was up 4.9% on a year-over-year basis. equities analysts predict that United Technologies Corporation will post 6.61 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Sunday, December 10th. Shareholders of record on Friday, November 17th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date of this dividend is Thursday, November 16th. United Technologies’s dividend payout ratio is currently 43.34%.
A number of hedge funds have recently made changes to their positions in the business. PGGM Investments raised its position in shares of United Technologies by 52.4% in the second quarter. PGGM Investments now owns 749,206 shares of the conglomerate’s stock valued at $91,486,000 after purchasing an additional 257,582 shares during the period. Connecticut Wealth Management LLC raised its position in shares of United Technologies by 10.1% in the second quarter. Connecticut Wealth Management LLC now owns 11,966 shares of the conglomerate’s stock valued at $1,473,000 after purchasing an additional 1,098 shares during the period. Huntington National Bank raised its position in shares of United Technologies by 3.7% in the second quarter. Huntington National Bank now owns 284,531 shares of the conglomerate’s stock valued at $34,744,000 after purchasing an additional 10,025 shares during the period. Pioneer Investment Management Inc. raised its position in shares of United Technologies by 2.1% in the first quarter. Pioneer Investment Management Inc. now owns 1,223,811 shares of the conglomerate’s stock valued at $137,324,000 after purchasing an additional 25,625 shares during the period. Finally, Russell Investments Group Ltd. raised its position in shares of United Technologies by 0.6% in the second quarter. Russell Investments Group Ltd. now owns 1,695,965 shares of the conglomerate’s stock valued at $207,154,000 after purchasing an additional 9,664 shares during the period. Hedge funds and other institutional investors own 80.19% of the company’s stock.
About United Technologies
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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