Paulson Wealth Management Inc. bought a new stake in United Technologies Co. (NYSE:UTX) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 1,569 shares of the conglomerate’s stock, valued at approximately $204,000.
A number of other institutional investors have also recently modified their holdings of UTX. Principal Financial Group Inc. boosted its holdings in United Technologies by 10.6% in the first quarter. Principal Financial Group Inc. now owns 1,317,730 shares of the conglomerate’s stock valued at $165,797,000 after acquiring an additional 126,621 shares during the last quarter. Summit Trail Advisors LLC boosted its holdings in United Technologies by 16.5% in the first quarter. Summit Trail Advisors LLC now owns 5,258 shares of the conglomerate’s stock valued at $415,000 after acquiring an additional 744 shares during the last quarter. Cibc Bank USA purchased a new position in United Technologies in the second quarter valued at about $772,000. CenturyLink Investment Management Co purchased a new position in United Technologies in the second quarter valued at about $1,838,000. Finally, American National Bank purchased a new position in United Technologies in the second quarter valued at about $615,000. Hedge funds and other institutional investors own 81.84% of the company’s stock.
Several research analysts have commented on the company. UBS Group assumed coverage on United Technologies in a research report on Wednesday, August 15th. They issued a “buy” rating on the stock. Zacks Investment Research raised United Technologies from a “hold” rating to a “buy” rating and set a $158.00 price objective on the stock in a research report on Thursday, October 4th. ValuEngine raised United Technologies from a “hold” rating to a “buy” rating in a research report on Tuesday, July 31st. Jefferies Financial Group set a $157.00 price objective on United Technologies and gave the company a “buy” rating in a research report on Tuesday, July 10th. Finally, Royal Bank of Canada cut their price objective on United Technologies to $148.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 24th. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $151.90.
United Technologies (NYSE:UTX) last announced its earnings results on Tuesday, October 23rd. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.82 by $0.11. United Technologies had a return on equity of 17.70% and a net margin of 7.76%. The business had revenue of $16.51 billion for the quarter, compared to analyst estimates of $16.10 billion. During the same period in the previous year, the company earned $1.73 earnings per share. The company’s revenue for the quarter was up 9.6% compared to the same quarter last year. Equities research analysts anticipate that United Technologies Co. will post 7.26 EPS 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 given a dividend of $0.735 per share. This represents a $2.94 dividend on an annualized basis and a dividend yield of 2.37%. This is a positive change from United Technologies’s previous quarterly dividend of $0.70. The ex-dividend date is Thursday, November 15th. United Technologies’s payout ratio is presently 42.11%.
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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