Amussen Hunsaker Associates LLC cut its holdings in United Technologies Co. (NYSE:UTX) by 83.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,067 shares of the conglomerate’s stock after selling 10,773 shares during the quarter. Amussen Hunsaker Associates LLC’s holdings in United Technologies were worth $258,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Credit Agricole S A lifted its holdings in shares of United Technologies by 101.4% in the 2nd quarter. Credit Agricole S A now owns 866 shares of the conglomerate’s stock valued at $109,000 after acquiring an additional 436 shares during the last quarter. Silvant Capital Management LLC bought a new stake in United Technologies in the first quarter worth about $113,000. Jolley Asset Management LLC bought a new stake in United Technologies in the second quarter worth about $114,000. Fort L.P. bought a new stake in United Technologies in the second quarter worth about $120,000. Finally, WP Advisors LLC bought a new stake in United Technologies in the second quarter worth about $126,000. 81.68% of the stock is currently owned by institutional investors and hedge funds.
In other news, CFO Akhil Johri sold 3,428 shares of United Technologies stock in a transaction on Thursday, July 26th. The shares were sold at an average price of $135.82, for a total transaction of $465,590.96. Following the completion of the sale, the chief financial officer now directly owns 43,403 shares in the company, valued at $5,894,995.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Robert J. Bailey sold 828 shares of United Technologies stock in a transaction on Tuesday, July 31st. The stock was sold at an average price of $134.75, for a total transaction of $111,573.00. Following the sale, the vice president now owns 2,000 shares of the company’s stock, valued at $269,500. The disclosure for this sale can be found here. Insiders sold 18,511 shares of company stock worth $2,521,974 over the last ninety days. Corporate insiders own 0.17% of the company’s stock.
United Technologies (NYSE:UTX) last released its quarterly earnings results on Tuesday, July 24th. The conglomerate reported $1.97 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 analyst estimates of $16.26 billion. During the same period in the previous year, the company earned $1.85 earnings per share. The business’s revenue for the quarter was up 9.3% on a year-over-year basis. Analysts anticipate that United Technologies Co. will post 7.23 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Friday, November 16th will be issued a $0.735 dividend. This is a positive change from United Technologies’s previous quarterly dividend of $0.70. This represents a $2.94 annualized dividend and a yield of 2.27%. The ex-dividend date of this dividend is Thursday, November 15th. United Technologies’s payout ratio is currently 42.11%.
UTX has been the subject of several analyst reports. ValuEngine downgraded shares of United Technologies from a “buy” rating to a “hold” rating in a research note on Monday, August 6th. Zacks Investment Research downgraded shares of United Technologies from a “buy” rating to a “hold” rating in a research note on Tuesday, July 31st. UBS Group began coverage on shares of United Technologies in a research note on Wednesday, August 15th. They issued a “buy” rating for the company. Robert W. Baird lifted their price target on shares of United Technologies from $156.00 to $167.00 and gave the company a “neutral” rating in a research note on Thursday, September 20th. Finally, Jefferies Financial Group set a $157.00 price target on shares of United Technologies and gave the company a “buy” rating in a research note on Tuesday, July 10th. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price 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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