Guinness Asset Management Ltd raised its stake in United Technologies Co. (NYSE:UTX) by 8.0% in the third quarter, HoldingsChannel reports. The firm owned 121,370 shares of the conglomerate’s stock after acquiring an additional 8,970 shares during the quarter. United Technologies comprises approximately 3.1% of Guinness Asset Management Ltd’s investment portfolio, making the stock its 4th biggest position. Guinness Asset Management Ltd’s holdings in United Technologies were worth $16,969,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of UTX. Charles Schwab Investment Advisory Inc. bought a new position in United Technologies in the second quarter valued at approximately $341,297,000. Boston Partners grew its stake in United Technologies by 25.0% in the second quarter. Boston Partners now owns 6,752,295 shares of the conglomerate’s stock valued at $844,240,000 after purchasing an additional 1,349,539 shares in the last quarter. Epoch Investment Partners Inc. grew its stake in United Technologies by 597.6% in the second quarter. Epoch Investment Partners Inc. now owns 1,289,716 shares of the conglomerate’s stock valued at $161,253,000 after purchasing an additional 1,104,849 shares in the last quarter. Mainstay Capital Management LLC ADV grew its stake in United Technologies by 5,810.8% in the second quarter. Mainstay Capital Management LLC ADV now owns 993,368 shares of the conglomerate’s stock valued at $8,864,000 after purchasing an additional 976,562 shares in the last quarter. Finally, Bank of Montreal Can bought a new position in United Technologies in the second quarter valued at approximately $113,560,000. Hedge funds and other institutional investors own 81.68% of the company’s stock.
Several brokerages have recently commented on UTX. UBS Group began coverage on United Technologies in a research note on Wednesday, August 15th. They set a “buy” rating for the company. Zacks Investment Research upgraded United Technologies from a “hold” rating to a “buy” rating and set a $158.00 target price for the company in a research note on Thursday, October 4th. Wolfe Research began coverage on United Technologies in a research note on Wednesday, June 27th. They set an “outperform” rating for the company. ValuEngine upgraded United Technologies from a “hold” rating to a “buy” rating in a research note on Tuesday, July 31st. Finally, Jefferies Financial Group set a $157.00 target price on United Technologies and gave the stock a “buy” rating in a research note on Tuesday, July 10th. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $149.70.
Shares of NYSE UTX opened at $130.07 on Thursday. The company has a quick ratio of 1.10, a current ratio of 1.46 and a debt-to-equity ratio of 0.82. United Technologies Co. has a 12 month low of $115.40 and a 12 month high of $144.15. The company has a market cap of $111.86 billion, a PE ratio of 19.56, a price-to-earnings-growth ratio of 2.12 and a beta of 0.98.
United Technologies (NYSE:UTX) last issued its earnings results on Tuesday, July 24th. The conglomerate reported $1.97 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.85 by $0.12. The company had revenue of $16.71 billion during the quarter, compared to the consensus estimate of $16.26 billion. United Technologies had a return on equity of 17.53% and a net margin of 8.09%. The firm’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same period in the previous year, the company posted $1.85 EPS. On average, research analysts expect that United Technologies Co. will post 7.23 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 10th. Investors of record on Friday, November 16th will be paid a $0.735 dividend. 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 annualized dividend and a yield of 2.26%. United Technologies’s payout ratio is 42.11%.
United Technologies 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.
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.