Hendershot Investments Inc. grew its holdings in shares of United Technologies Co. (NYSE:UTX) by 8.4% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 53,170 shares of the conglomerate’s stock after purchasing an additional 4,141 shares during the quarter. United Technologies makes up approximately 2.6% of Hendershot Investments Inc.’s holdings, making the stock its 15th biggest position. Hendershot Investments Inc.’s holdings in United Technologies were worth $7,434,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Credit Agricole S A increased its position in shares of United Technologies by 101.4% during the 2nd quarter. Credit Agricole S A now owns 866 shares of the conglomerate’s stock valued at $109,000 after purchasing an additional 436 shares during the last quarter. Jolley Asset Management LLC purchased a new stake in shares of United Technologies during the 2nd quarter valued at about $114,000. Fort L.P. purchased a new stake in shares of United Technologies during the 2nd quarter valued at about $120,000. WP Advisors LLC purchased a new stake in shares of United Technologies during the 2nd quarter valued at about $126,000. Finally, Kiley Juergens Wealth Management LLC purchased a new stake in shares of United Technologies during the 2nd quarter valued at about $127,000. 81.68% of the stock is owned by hedge funds and other institutional investors.
In related news, VP Robert J. Bailey sold 828 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the vice president now directly owns 2,000 shares in the company, valued at approximately $269,500. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Akhil Johri sold 3,428 shares of the company’s stock in a transaction that occurred on Thursday, July 26th. The stock was sold at an average price of $135.82, for a total value of $465,590.96. Following the completion of the transaction, the chief financial officer now owns 43,403 shares of the company’s stock, valued at $5,894,995.46. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,511 shares of company stock valued at $2,521,974. 0.17% of the stock is currently owned by corporate insiders.
United Technologies (NYSE:UTX) last announced its quarterly earnings data on Tuesday, July 24th. The conglomerate reported $1.97 earnings per share (EPS) for the quarter, beating the Zacks’ 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 was up 9.3% on a year-over-year basis. During the same period in the previous year, the company posted $1.85 EPS. On average, sell-side analysts expect that United Technologies Co. will post 7.23 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 10th. Investors 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 2.28%. United Technologies’s payout ratio is 42.11%.
Several equities research analysts have recently commented on the stock. UBS Group assumed coverage on shares of United Technologies in a research report on Wednesday, August 15th. They set a “buy” rating for the company. Zacks Investment Research raised shares of United Technologies from a “hold” rating to a “buy” rating and set a $158.00 price target for the company in a research report on Thursday, October 4th. Wolfe Research assumed coverage on shares of United Technologies in a research report on Wednesday, June 27th. They set an “outperform” rating for the company. ValuEngine raised shares of United Technologies from a “hold” rating to a “buy” rating in a research report on Tuesday, July 31st. 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 report on Tuesday, July 10th. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $149.70.
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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