United Technologies Co. (UTX) Stake Lessened by Martin & Co. Inc. TN
Martin & Co. Inc. TN lessened its stake in shares of United Technologies Co. (NYSE:UTX) by 42.4% in the 3rd quarter, HoldingsChannel reports. The fund owned 17,219 shares of the conglomerate’s stock after selling 12,695 shares during the period. Martin & Co. Inc. TN’s holdings in United Technologies were worth $1,999,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Guardian Capital LP boosted its stake in United Technologies by 10.0% during the 3rd quarter. Guardian Capital LP now owns 8,043 shares of the conglomerate’s stock valued at $934,000 after purchasing an additional 733 shares during the period. Guardian Capital Advisors LP bought a new stake in United Technologies during the 3rd quarter valued at approximately $469,000. Griffin Asset Management Inc. boosted its stake in United Technologies by 19.9% during the 3rd quarter. Griffin Asset Management Inc. now owns 8,884 shares of the conglomerate’s stock valued at $1,031,000 after purchasing an additional 1,472 shares during the period. Amussen Hunsaker Associates LLC bought a new stake in United Technologies during the 3rd quarter valued at approximately $1,490,000. Finally, Piedmont Investment Advisors LLC boosted its stake in United Technologies by 1.0% during the 3rd quarter. Piedmont Investment Advisors LLC now owns 184,585 shares of the conglomerate’s stock valued at $21,427,000 after purchasing an additional 1,903 shares during the period. Institutional investors own 80.01% of the company’s stock.
In other news, VP Robert J. Bailey sold 827 shares of the stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $118.06, for a total value of $97,635.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Robert J. Bailey sold 833 shares of the stock in a transaction that occurred on Thursday, December 7th. The stock was sold at an average price of $122.66, for a total value of $102,175.78. Following the completion of the transaction, the vice president now directly owns 2,000 shares of the company’s stock, valued at $245,320. The disclosure for this sale can be found here. Over the last three months, insiders sold 13,480 shares of company stock valued at $1,658,028. 0.16% of the stock is currently owned by insiders.
United Technologies (NYSE:UTX) last issued its earnings results on Wednesday, January 24th. The conglomerate reported $1.60 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.56 by $0.04. United Technologies had a return on equity of 17.35% and a net margin of 7.61%. The business had revenue of $15.68 billion during the quarter, compared to analysts’ expectations of $15.34 billion. During the same period in the prior year, the firm posted $1.56 EPS. United Technologies’s quarterly revenue was up 7.0% compared to the same quarter last year. equities research analysts expect that United Technologies Co. will post 7.01 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Saturday, March 10th. Stockholders of record on Friday, February 16th will be issued a $0.70 dividend. The ex-dividend date is Thursday, February 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.20%. United Technologies’s payout ratio is presently 49.12%.
Several analysts recently weighed in on the company. Goldman Sachs Group upgraded United Technologies from a “neutral” rating to a “buy” rating in a research note on Monday, January 8th. Cowen reaffirmed a “hold” rating and issued a $141.00 price target on shares of United Technologies in a report on Thursday, January 25th. ValuEngine raised United Technologies from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Zacks Investment Research raised United Technologies from a “sell” rating to a “hold” rating in a report on Thursday, October 26th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued a $146.00 price target (up previously from $124.00) on shares of United Technologies in a report on Thursday, January 25th. Nine analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The company has an average rating of “Buy” and an average price target of $136.15.
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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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