Meridian Investment Counsel Inc. Lowers Position in United Technologies Co. (NYSE:UTX)

Meridian Investment Counsel Inc. cut its stake in United Technologies Co. (NYSE:UTX) by 1.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,074 shares of the conglomerate’s stock after selling 118 shares during the quarter. Meridian Investment Counsel Inc.’s holdings in United Technologies were worth $921,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Krane Funds Advisors LLC purchased a new stake in shares of United Technologies during the second quarter valued at approximately $26,000. Quad Cities Investment Group LLC increased its position in shares of United Technologies by 62.1% during the second quarter. Quad Cities Investment Group LLC now owns 261 shares of the conglomerate’s stock valued at $34,000 after acquiring an additional 100 shares during the last quarter. Manchester Financial Inc. purchased a new stake in shares of United Technologies during the second quarter valued at approximately $35,000. Personal Wealth Partners purchased a new stake in shares of United Technologies during the second quarter valued at approximately $36,000. Finally, Virtus ETF Advisers LLC purchased a new stake in shares of United Technologies during the second quarter valued at approximately $38,000. 80.72% of the stock is owned by hedge funds and other institutional investors.

In other news, EVP Michael R. Dumais sold 4,329 shares of the firm’s stock in a transaction on 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 transaction, the executive vice president now directly owns 39,265 shares of the company’s stock, valued at $5,142,929.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Gregory Hayes sold 19,542 shares of the firm’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $133.35, for a total value of $2,605,925.70. Following the completion of the transaction, the chief executive officer now directly owns 246,111 shares of the company’s stock, valued at $32,818,901.85. The disclosure for this sale can be found here. Over the last three months, insiders have sold 60,567 shares of company stock valued at $8,030,281. 0.15% of the stock is owned by corporate insiders.

NYSE UTX traded up $1.26 on Thursday, hitting $137.21. 1,683,279 shares of the stock traded hands, compared to its average volume of 3,661,692. The business’s fifty day moving average is $130.05 and its two-hundred day moving average is $130.91. United Technologies Co. has a 12 month low of $100.48 and a 12 month high of $144.40. The firm has a market capitalization of $115.55 billion, a price-to-earnings ratio of 18.03, a PEG ratio of 1.90 and a beta of 1.21. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.74 and a current ratio of 1.05.

United Technologies (NYSE:UTX) last announced its quarterly earnings data 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 return on equity of 16.81% and a net margin of 7.13%. The business had revenue of $19.63 billion during the quarter, compared to analyst estimates of $19.58 billion. During the same period in the prior year, the company earned $1.97 earnings per share. United Technologies’s revenue was up 17.5% compared to the same quarter last year. Analysts expect that United Technologies Co. will post 8.03 EPS for the current fiscal year.

A number of brokerages recently commented on UTX. Zacks Investment Research downgraded United Technologies from a “strong-buy” rating to a “hold” rating and set a $151.00 price target for the company. in a research report on Friday, July 19th. Vertical Research raised United Technologies from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a research report on Friday, June 14th. William Blair reaffirmed a “hold” rating on shares of United Technologies in a research report on Tuesday, September 3rd. 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 report on Thursday, July 25th. Finally, Barclays increased their price objective on United Technologies from $149.00 to $153.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price 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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Institutional Ownership by Quarter for United Technologies (NYSE:UTX)

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