Manning & Napier Advisors LLC Cuts Stake in United Technologies Co. (UTX)
Manning & Napier Advisors LLC lowered its position in shares of United Technologies Co. (NYSE:UTX) by 6.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 124,391 shares of the conglomerate’s stock after selling 8,775 shares during the period. Manning & Napier Advisors LLC’s holdings in United Technologies were worth $14,438,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in the company. Knowledge Leaders Capital LLC bought a new stake in United Technologies during the third quarter valued at about $105,000. Tortoise Investment Management LLC boosted its position in United Technologies by 5.3% during the second quarter. Tortoise Investment Management LLC now owns 962 shares of the conglomerate’s stock valued at $117,000 after purchasing an additional 48 shares in the last quarter. Seven Bridges Advisors LLC bought a new stake in United Technologies during the second quarter valued at about $120,000. Thompson Davis & CO. Inc. boosted its position in United Technologies by 750.4% during the third quarter. Thompson Davis & CO. Inc. now owns 1,080 shares of the conglomerate’s stock valued at $125,000 after purchasing an additional 953 shares in the last quarter. Finally, Winfield Associates Inc. boosted its position in United Technologies by 2.9% during the second quarter. Winfield Associates Inc. now owns 1,029 shares of the conglomerate’s stock valued at $126,000 after purchasing an additional 29 shares in the last quarter. Hedge funds and other institutional investors own 80.07% of the company’s stock.
Shares of United Technologies Co. (NYSE UTX) opened at $134.42 on Thursday. The company has a quick ratio of 0.91, a current ratio of 1.31 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $106,984.41, a PE ratio of 20.84, a price-to-earnings-growth ratio of 2.33 and a beta of 1.07. United Technologies Co. has a twelve month low of $106.85 and a twelve month high of $137.73.
United Technologies (NYSE:UTX) last issued its quarterly earnings results on Tuesday, October 24th. The conglomerate reported $1.73 earnings per share for the quarter, topping the consensus estimate of $1.68 by $0.05. The business had revenue of $15.06 billion during the quarter, compared to the consensus estimate of $14.99 billion. United Technologies had a return on equity of 17.66% and a net margin of 8.79%. The company’s quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter last year, the company earned $1.76 earnings per share. sell-side analysts forecast that United Technologies Co. will post 6.61 EPS for the current year.
In related news, EVP Michael R. Dumais sold 2,986 shares of United Technologies stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $120.98, for a total transaction of $361,246.28. Following the completion of the sale, the executive vice president now owns 27,548 shares of the company’s stock, valued at $3,332,757.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Akhil Johri sold 5,979 shares of United Technologies stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $121.03, for a total value of $723,638.37. Following the sale, the vice president now directly owns 23,295 shares of the company’s stock, valued at approximately $2,819,393.85. The disclosure for this sale can be found here. In the last three months, insiders sold 16,466 shares of company stock valued at $2,019,274. Corporate insiders own 0.16% of the company’s stock.
A number of equities research analysts recently weighed in on the company. Goldman Sachs Group raised United Technologies from a “neutral” rating to a “buy” rating in a research report on Monday, January 8th. Zacks Investment Research raised United Technologies from a “sell” rating to a “hold” rating in a research report on Thursday, October 26th. Cowen reaffirmed a “hold” rating and set a $120.00 price objective on shares of United Technologies in a research report on Tuesday, October 24th. Stifel Nicolaus raised their price objective on United Technologies from $122.00 to $124.00 and gave the company a “hold” rating in a research report on Wednesday, October 25th. Finally, Robert W. Baird raised United Technologies from a “neutral” rating to an “outperform” rating in a research report on Friday, January 5th. Twelve research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $125.63.
WARNING: “Manning & Napier Advisors LLC Cuts Stake in United Technologies Co. (UTX)” was first posted by Daily Political and is the property of of Daily Political. If you are accessing this news story on another site, it was stolen and republished in violation of United States and international copyright and trademark legislation. The legal version of this news story can be read at https://www.dailypolitical.com/2018/01/18/manning-napier-advisors-llc-cuts-stake-in-united-technologies-co-utx.html.
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.
Want to see what other hedge funds are holding UTX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for United Technologies Co. (NYSE:UTX).
Receive News & Ratings for United Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for United Technologies and related companies with MarketBeat.com's FREE daily email newsletter.