State Treasurer State of Michigan boosted its stake in United Technologies Co. (NYSE:UTX) by 1.7% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 224,103 shares of the conglomerate’s stock after purchasing an additional 3,800 shares during the quarter. State Treasurer State of Michigan’s holdings in United Technologies were worth $31,332,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in UTX. Charles Schwab Investment Advisory Inc. purchased a new stake in shares of United Technologies during the 2nd quarter valued at about $341,297,000. Boston Partners raised its position in shares of United Technologies by 25.0% during the 2nd quarter. Boston Partners now owns 6,752,295 shares of the conglomerate’s stock valued at $844,240,000 after buying an additional 1,349,539 shares in the last quarter. Epoch Investment Partners Inc. raised its position in shares of United Technologies by 597.6% during the 2nd quarter. Epoch Investment Partners Inc. now owns 1,289,716 shares of the conglomerate’s stock valued at $161,253,000 after buying an additional 1,104,849 shares in the last quarter. Mainstay Capital Management LLC ADV raised its position in shares of United Technologies by 5,810.8% during the 2nd quarter. Mainstay Capital Management LLC ADV now owns 993,368 shares of the conglomerate’s stock valued at $8,864,000 after buying an additional 976,562 shares in the last quarter. Finally, Bank of Montreal Can purchased a new stake in shares of United Technologies during the 2nd quarter valued at about $113,560,000. Institutional investors and hedge funds own 81.84% of the company’s stock.
A number of research firms recently weighed in on UTX. UBS Group began coverage on shares of United Technologies in a research report on Wednesday, August 15th. They issued a “buy” rating on the stock. Zacks Investment Research raised shares of 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 shares of 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 target price on shares of United Technologies and gave the stock a “buy” rating in a research note on Tuesday, July 10th. Finally, Royal Bank of Canada dropped their target price on shares of United Technologies to $148.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 24th. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $151.90.
United Technologies (NYSE:UTX) last issued its earnings results on Tuesday, October 23rd. The conglomerate reported $1.93 EPS for the quarter, topping the Zacks’ consensus estimate of $1.82 by $0.11. The business had revenue of $16.51 billion for the quarter, compared to the consensus estimate of $16.10 billion. United Technologies had a net margin of 7.76% and a return on equity of 17.70%. The company’s revenue for the quarter was up 9.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.73 EPS. On average, equities analysts forecast that United Technologies Co. will post 7.26 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 10th. Stockholders of record on Friday, November 16th will be paid a dividend of $0.735 per share. The ex-dividend date of this dividend is Thursday, November 15th. This is an increase from United Technologies’s previous quarterly dividend of $0.70. This represents a $2.94 dividend on an annualized basis and a dividend yield of 2.37%. United Technologies’s dividend payout ratio (DPR) is currently 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.
Recommended Story: What Does Beta Mean In Stock Selection
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.