BlackRock Inc. lessened its stake in United Technologies Co. (NYSE:UTX) by 0.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 57,136,806 shares of the conglomerate’s stock after selling 90,418 shares during the period. BlackRock Inc. owned about 6.62% of United Technologies worth $7,439,211,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in UTX. Geode Capital Management LLC increased its position in United Technologies by 15.0% during the fourth quarter. Geode Capital Management LLC now owns 9,926,113 shares of the conglomerate’s stock worth $1,055,120,000 after buying an additional 1,293,517 shares during the period. Fisher Asset Management LLC increased its position in United Technologies by 3.4% during the second quarter. Fisher Asset Management LLC now owns 4,610,441 shares of the conglomerate’s stock worth $600,279,000 after buying an additional 151,889 shares during the period. Clearbridge Investments LLC grew its stake in shares of United Technologies by 170.5% in the 1st quarter. Clearbridge Investments LLC now owns 3,972,118 shares of the conglomerate’s stock valued at $511,966,000 after purchasing an additional 2,503,654 shares during the last quarter. Jensen Investment Management Inc. grew its stake in shares of United Technologies by 24.7% in the 2nd quarter. Jensen Investment Management Inc. now owns 3,968,549 shares of the conglomerate’s stock valued at $516,705,000 after purchasing an additional 785,493 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of United Technologies by 3.4% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 3,913,669 shares of the conglomerate’s stock valued at $509,560,000 after purchasing an additional 128,576 shares during the last quarter. Institutional investors and hedge funds own 80.67% of the company’s stock.
Several research analysts have weighed in on the company. Seaport Global Securities upgraded United Technologies from a “neutral” rating to a “buy” rating and set a $165.00 target price on the stock in a research note on Monday, June 10th. Zacks Investment Research downgraded United Technologies from a “strong-buy” rating to a “hold” rating and set a $151.00 price target on the stock. in a research note on Friday, July 19th. Cowen restated a “buy” rating and issued a $150.00 price target on shares of United Technologies in a research note on Wednesday, September 4th. Barclays lifted their price target on United Technologies from $149.00 to $153.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Finally, Vertical Research upgraded United Technologies from a “hold” rating to a “buy” rating and set a $145.00 target price on the stock in a research report on Friday, June 14th. Six equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $152.67.
Shares of UTX opened at $136.39 on Friday. The stock has a 50-day moving average price of $131.30 and a 200 day moving average price of $131.72. United Technologies Co. has a one year low of $100.48 and a one year high of $144.40. The company has a market capitalization of $118.07 billion, a P/E ratio of 17.92, a P/E/G ratio of 1.94 and a beta of 1.21. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.74 and a current ratio of 1.05.
United Technologies (NYSE:UTX) last announced its quarterly earnings results on Tuesday, July 23rd. The conglomerate reported $2.20 earnings per share for the quarter, topping analysts’ consensus estimates of $2.04 by $0.16. The business had revenue of $19.63 billion for the quarter, compared to analysts’ expectations of $19.58 billion. United Technologies had a return on equity of 16.81% and a net margin of 7.13%. The business’s quarterly revenue was up 17.5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.97 EPS. As a group, equities research analysts forecast that United Technologies Co. will post 8.03 earnings per share for the current fiscal year.
In other news, EVP Michael R. Dumais sold 4,329 shares of the firm’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $130.98, for a total transaction of $567,012.42. Following the completion of the sale, the executive vice president now directly owns 39,265 shares of the company’s stock, valued at approximately $5,142,929.70. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Elizabeth B. Amato sold 4,113 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $137.18, for a total value of $564,221.34. Following the sale, the executive vice president now directly owns 31,501 shares of the company’s stock, valued at $4,321,307.18. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 103,123 shares of company stock worth $13,787,015. 0.15% of the stock is owned by insiders.
United Technologies Company Profile
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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