Community Financial Services Group LLC Takes $208,000 Position in United Technologies Co. (UTX)
Community Financial Services Group LLC purchased a new stake in United Technologies Co. (NYSE:UTX) during the 3rd quarter, HoldingsChannel reports. The firm purchased 1,490 shares of the conglomerate’s stock, valued at approximately $208,000.
Several other hedge funds have also added to or reduced their stakes in UTX. Sun Life Financial INC lifted its stake in shares of United Technologies by 546.5% during the second quarter. Sun Life Financial INC now owns 6,265 shares of the conglomerate’s stock valued at $784,000 after buying an additional 5,296 shares during the period. Pennsylvania Trust Co raised its stake in United Technologies by 0.4% during the third quarter. Pennsylvania Trust Co now owns 103,636 shares of the conglomerate’s stock worth $14,489,000 after purchasing an additional 410 shares during the period. Martin Investment Management LLC raised its stake in United Technologies by 2.3% during the second quarter. Martin Investment Management LLC now owns 89,070 shares of the conglomerate’s stock worth $11,136,000 after purchasing an additional 1,988 shares during the period. Lcnb Corp raised its stake in United Technologies by 13.2% during the second quarter. Lcnb Corp now owns 8,185 shares of the conglomerate’s stock worth $1,023,000 after purchasing an additional 955 shares during the period. Finally, Grassi Investment Management purchased a new position in United Technologies during the second quarter worth approximately $7,044,000. Institutional investors and hedge funds own 81.68% of the company’s stock.
In other news, CFO Akhil Johri sold 3,428 shares of the firm’s stock in a transaction on Thursday, July 26th. The shares were sold at an average price of $135.82, for a total value of $465,590.96. Following the transaction, the chief financial officer now owns 43,403 shares of the company’s stock, valued at approximately $5,894,995.46. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Robert J. Bailey sold 828 shares of the firm’s stock in a transaction on Tuesday, July 31st. The shares were sold at an average price of $134.75, for a total transaction of $111,573.00. Following the completion of the transaction, the vice president now directly owns 2,000 shares in the company, valued at approximately $269,500. The disclosure for this sale can be found here. In the last three months, insiders sold 18,511 shares of company stock worth $2,521,974. Insiders own 0.17% of the company’s stock.
United Technologies (NYSE:UTX) last issued its earnings results on Tuesday, July 24th. The conglomerate reported $1.97 EPS for the quarter, beating the Zacks’ consensus estimate of $1.85 by $0.12. United Technologies had a net margin of 8.09% and a return on equity of 17.53%. The business had revenue of $16.71 billion for the quarter, compared to the consensus estimate of $16.26 billion. During the same quarter last year, the firm posted $1.85 EPS. The business’s revenue for the quarter was up 9.3% compared to the same quarter last year. On average, equities analysts predict that United Technologies Co. will post 7.23 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Stockholders of record on Friday, November 16th will be paid a $0.735 dividend. This represents a $2.94 dividend on an annualized basis and a dividend yield of 2.27%. This is an increase from United Technologies’s previous quarterly dividend of $0.70. United Technologies’s dividend payout ratio (DPR) is currently 42.11%.
A number of equities analysts have weighed in on UTX shares. Morgan Stanley started coverage on shares of United Technologies in a research note on Friday, June 15th. They set an “overweight” rating and a $160.00 price target on the stock. Wolfe Research started coverage on shares of United Technologies in a research note on Wednesday, June 27th. They set an “outperform” rating on the stock. Jefferies Financial Group set a $157.00 price target on shares of United Technologies and gave the stock a “buy” rating in a research note on Tuesday, July 10th. Zacks Investment Research downgraded shares of United Technologies from a “buy” rating to a “hold” rating in a research note on Sunday, July 15th. Finally, ValuEngine raised shares of United Technologies from a “hold” rating to a “buy” rating in a research note on Tuesday, July 31st. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $149.70.
About United Technologies
United Technologies Corporation provides technology products and services to building systems and aerospace industries worldwide. Its Otis segment designs, manufactures, sells, and installs passenger and freight elevators, escalators, and moving walkways; and offers modernization products to upgrade elevators and escalators, as well as maintenance and repair services.
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