Modera Wealth Management LLC trimmed its position in United Technologies Co. (NYSE:UTX) by 18.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,489 shares of the conglomerate’s stock after selling 785 shares during the period. Modera Wealth Management LLC’s holdings in United Technologies were worth $454,000 at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in UTX. Geode Capital Management LLC raised its holdings in United Technologies by 15.0% during the 4th quarter. Geode Capital Management LLC now owns 9,926,113 shares of the conglomerate’s stock worth $1,055,120,000 after buying an additional 1,293,517 shares during the period. Norges Bank acquired a new stake in United Technologies during the 4th quarter worth approximately $824,350,000. Fisher Asset Management LLC raised its holdings in United Technologies by 3.4% during the 2nd quarter. Fisher Asset Management LLC now owns 4,610,441 shares of the conglomerate’s stock worth $600,279,000 after buying an additional 151,889 shares during the period. Dimensional Fund Advisors LP raised its holdings in United Technologies by 6.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,383,674 shares of the conglomerate’s stock worth $466,759,000 after buying an additional 256,907 shares during the period. Finally, Clearbridge Investments LLC raised its holdings in United Technologies by 170.5% during the 1st quarter. Clearbridge Investments LLC now owns 3,972,118 shares of the conglomerate’s stock worth $511,966,000 after buying an additional 2,503,654 shares during the period. Institutional investors and hedge funds own 80.13% of the company’s stock.
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 value of $583,281.58. Following the completion of the transaction, the executive vice president now directly owns 30,847 shares of the company’s stock, valued at $4,186,246.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 completion of the transaction, the executive vice president now directly owns 39,265 shares of the company’s stock, valued at $5,142,929.70. The disclosure for this sale can be found here. 0.15% of the stock is currently owned by company insiders.
United Technologies (NYSE:UTX) last released its earnings results on Tuesday, July 23rd. The conglomerate reported $2.20 earnings per share for the quarter, beating the consensus estimate of $2.04 by $0.16. United Technologies had a net margin of 7.13% and a return on equity of 16.81%. The business had revenue of $19.63 billion during the quarter, compared to analysts’ expectations of $19.58 billion. During the same period last year, the business earned $1.97 earnings per share. The firm’s revenue was up 17.5% on a year-over-year basis. As a group, equities analysts predict that United Technologies Co. will post 8.03 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Friday, August 16th will be paid a $0.735 dividend. The ex-dividend date is Thursday, August 15th. This represents a $2.94 annualized dividend and a dividend yield of 2.38%. United Technologies’s dividend payout ratio is presently 38.63%.
Several equities analysts have recently weighed in on UTX shares. Morgan Stanley raised their price target on shares of United Technologies from $155.00 to $164.00 and gave the stock an “overweight” rating in a research note on Monday, May 20th. William Blair reaffirmed a “hold” rating on shares of United Technologies in a research note on Monday, June 10th. Cowen raised shares of United Technologies from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $135.00 to $150.00 in a research note on Monday, June 24th. Seaport Global Securities raised shares of United Technologies from a “neutral” rating to a “buy” rating and set a $165.00 price target for the company in a research note on Monday, June 10th. Finally, Bank of America reaffirmed a “buy” rating and set a $195.00 price target (up from $185.00) on shares of United Technologies in a research note on Thursday, July 25th. Five analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. United Technologies has an average rating of “Buy” and an average price target of $152.21.
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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