Veritable L.P. Trims Stock Holdings in United Technologies Co. (NYSE:UTX)

Veritable L.P. reduced its stake in United Technologies Co. (NYSE:UTX) by 0.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 79,827 shares of the conglomerate’s stock after selling 574 shares during the quarter. Veritable L.P.’s holdings in United Technologies were worth $10,393,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Wealth Architects LLC lifted its position in United Technologies by 4.3% during the second quarter. Wealth Architects LLC now owns 1,812 shares of the conglomerate’s stock worth $236,000 after buying an additional 75 shares during the period. Patten Group Inc. lifted its position in United Technologies by 0.3% during the second quarter. Patten Group Inc. now owns 27,978 shares of the conglomerate’s stock worth $3,643,000 after buying an additional 75 shares during the period. Glenview State Bank Trust DEPT. lifted its position in United Technologies by 3.0% during the second quarter. Glenview State Bank Trust DEPT. now owns 2,543 shares of the conglomerate’s stock worth $331,000 after buying an additional 75 shares during the period. Mcrae Capital Management Inc. lifted its position in United Technologies by 1.4% during the second quarter. Mcrae Capital Management Inc. now owns 5,495 shares of the conglomerate’s stock worth $715,000 after buying an additional 75 shares during the period. Finally, Heritage Way Advisors LLC lifted its position in United Technologies by 0.4% during the second quarter. Heritage Way Advisors LLC now owns 18,501 shares of the conglomerate’s stock worth $2,409,000 after buying an additional 75 shares during the period. Institutional investors and hedge funds own 80.72% of the company’s stock.

NYSE:UTX traded up $2.19 on Wednesday, hitting $131.16. 179,453 shares of the stock were exchanged, compared to its average volume of 2,592,287. The stock has a market cap of $112.38 billion, a PE ratio of 17.24, a PEG ratio of 1.84 and a beta of 1.21. The company has a current ratio of 1.05, a quick ratio of 0.74 and a debt-to-equity ratio of 0.93. The stock has a fifty day moving average of $129.90 and a 200-day moving average of $130.68. United Technologies Co. has a fifty-two week low of $100.48 and a fifty-two week high of $144.40.

United Technologies (NYSE:UTX) last announced its quarterly earnings results on Tuesday, July 23rd. The conglomerate reported $2.20 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.04 by $0.16. The company had revenue of $19.63 billion during the quarter, compared to analyst estimates of $19.58 billion. United Technologies had a return on equity of 16.81% and a net margin of 7.13%. The firm’s revenue was up 17.5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.97 earnings per share. As a group, analysts predict that United Technologies Co. will post 8.03 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Friday, August 16th will be paid a dividend of $0.735 per share. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $2.94 annualized dividend and a yield of 2.24%. United Technologies’s dividend payout ratio is presently 38.63%.

In other news, EVP Michael R. Dumais sold 4,329 shares of the stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $130.98, for a total value of $567,012.42. Following the completion of the sale, the executive vice president now owns 39,265 shares in the company, valued at $5,142,929.70. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Elizabeth B. Amato sold 4,298 shares of the stock in a transaction dated 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 sale, the executive vice president now owns 30,847 shares of the company’s stock, valued at approximately $4,186,246.37. The disclosure for this sale can be found here. Corporate insiders own 0.15% of the company’s stock.

Several research firms recently weighed in on UTX. Bank of America reiterated a “buy” rating and set a $195.00 target price (up from $185.00) on shares of United Technologies in a research report on Thursday, July 25th. Morgan Stanley increased their target price on United Technologies from $155.00 to $164.00 and gave the stock an “overweight” rating in a research report on Monday, May 20th. Cowen reiterated a “buy” rating and set a $150.00 target price on shares of United Technologies in a research report on Wednesday. William Blair reiterated a “hold” rating on shares of United Technologies in a research report on Monday, June 10th. Finally, Vertical Research upgraded United Technologies from a “hold” rating to a “buy” rating and set a $145.00 target price on the stock in a research report on Friday, June 14th. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $152.21.

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.

Further Reading: Strike Price

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

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