Sandy Spring Bank Boosts Holdings in United Technologies Co. (NYSE:UTX)

Sandy Spring Bank boosted its position in shares of United Technologies Co. (NYSE:UTX) by 1.3% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 82,752 shares of the conglomerate’s stock after acquiring an additional 1,061 shares during the period. United Technologies accounts for 0.9% of Sandy Spring Bank’s holdings, making the stock its 25th biggest position. Sandy Spring Bank’s holdings in United Technologies were worth $10,775,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of UTX. Quad Cities Investment Group LLC increased its stake in United Technologies by 62.1% during the 2nd quarter. Quad Cities Investment Group LLC now owns 261 shares of the conglomerate’s stock valued at $34,000 after purchasing an additional 100 shares in the last quarter. Manchester Financial Inc. acquired a new position in United Technologies during the 2nd quarter valued at approximately $35,000. Personal Wealth Partners acquired a new position in United Technologies during the 2nd quarter valued at approximately $36,000. Ashburton Jersey Ltd acquired a new position in United Technologies during the 2nd quarter valued at approximately $40,000. Finally, Massey Quick Simon & CO. LLC acquired a new position in United Technologies during the 1st quarter valued at approximately $47,000. 81.03% of the stock is owned by institutional investors.

A number of brokerages have issued reports on UTX. Zacks Investment Research lowered shares of United Technologies from a “strong-buy” rating to a “hold” rating and set a $151.00 price target on the stock. in a research note on Friday, July 19th. Barclays upped their price target on shares of United Technologies from $149.00 to $153.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Bank of America restated a “buy” rating and set a $195.00 price target (up previously from $185.00) on shares of United Technologies in a research note on Thursday, July 25th. Vertical Research upgraded shares of United Technologies from a “hold” rating to a “buy” rating and set a $145.00 price objective on the stock in a research note on Friday, June 14th. Finally, Seaport Global Securities upgraded shares of United Technologies from a “neutral” rating to a “buy” rating and set a $165.00 price objective on the stock in a research note on Monday, June 10th. Five analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. United Technologies has a consensus rating of “Buy” and an average price target of $152.21.

Shares of NYSE:UTX traded down $2.63 during midday trading on Wednesday, reaching $125.39. The company’s stock had a trading volume of 747,921 shares, compared to its average volume of 3,802,845. The firm has a market capitalization of $111.18 billion, a price-to-earnings ratio of 16.48, a PEG ratio of 1.86 and a beta of 1.20. United Technologies Co. has a twelve month low of $100.48 and a twelve month high of $144.40. The firm has a fifty day moving average price of $131.88. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.05 and a quick ratio of 0.74.

United Technologies (NYSE:UTX) last released its quarterly earnings data on Tuesday, July 23rd. The conglomerate reported $2.20 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.04 by $0.16. The firm had revenue of $19.63 billion for the quarter, compared to analyst estimates of $19.58 billion. United Technologies had a net margin of 7.13% and a return on equity of 16.81%. The business’s quarterly revenue was up 17.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.97 earnings per share. Equities analysts predict that United Technologies Co. will post 8.02 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Friday, August 16th will be paid a $0.735 dividend. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $2.94 dividend on an annualized basis and a dividend yield of 2.34%. United Technologies’s payout ratio is currently 38.63%.

In related news, EVP Elizabeth B. Amato sold 4,298 shares of the firm’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $135.71, for a total transaction of $583,281.58. Following the sale, the executive vice president now owns 30,847 shares in the company, valued at $4,186,246.37. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Michael R. Dumais sold 4,329 shares of the firm’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $130.98, for a total transaction of $567,012.42. Following the sale, the executive vice president now owns 39,265 shares in the company, valued at approximately $5,142,929.70. The disclosure for this sale can be found here. 0.15% of the stock is currently owned by company insiders.

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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Institutional Ownership by Quarter for United Technologies (NYSE:UTX)

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