Adalta Capital Management LLC Takes Position in United Technologies Co. (UTX)
Adalta Capital Management LLC purchased a new position in United Technologies Co. (NYSE:UTX) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 1,300 shares of the conglomerate’s stock, valued at approximately $163,000.
Other hedge funds have also made changes to their positions in the company. Credit Agricole S A lifted its stake in United Technologies by 101.4% in the second quarter. Credit Agricole S A now owns 866 shares of the conglomerate’s stock worth $109,000 after acquiring an additional 436 shares during the period. Silvant Capital Management LLC purchased a new stake in United Technologies in the first quarter worth $113,000. Jolley Asset Management LLC purchased a new stake in United Technologies in the second quarter worth $114,000. Fort L.P. purchased a new stake in United Technologies in the second quarter worth $120,000. Finally, WP Advisors LLC purchased a new stake in United Technologies in the second quarter worth $126,000. 82.05% of the stock is owned by institutional investors.
In other news, CFO Akhil Johri sold 3,428 shares of the firm’s stock in a transaction on Thursday, July 26th. The stock was sold at an average price of $135.82, for a total transaction of $465,590.96. Following the completion of the transaction, the chief financial officer now directly owns 43,403 shares in the company, valued at $5,894,995.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Robert J. Bailey sold 828 shares of the firm’s stock in a transaction on Tuesday, July 31st. The shares were sold at an average price of $134.75, for a total value of $111,573.00. Following the transaction, the vice president now owns 2,000 shares of the company’s stock, valued at $269,500. The disclosure for this sale can be found here. Insiders have sold 18,511 shares of company stock valued at $2,521,974 in the last three months. Insiders own 0.17% of the company’s stock.
United Technologies (NYSE:UTX) last announced its quarterly earnings data on Tuesday, July 24th. The conglomerate reported $1.97 EPS for the quarter, beating the consensus estimate of $1.85 by $0.12. The business had revenue of $16.71 billion during the quarter, compared to analyst estimates of $16.26 billion. United Technologies had a return on equity of 17.53% and a net margin of 8.09%. The company’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.85 earnings per share. sell-side analysts anticipate that United Technologies Co. will post 7.23 EPS for the current year.
A number of analysts recently commented on the company. Zacks Investment Research raised United Technologies from a “hold” rating to a “buy” rating and set a $143.00 price target for the company in a research note on Tuesday, May 22nd. ValuEngine raised United Technologies from a “hold” rating to a “buy” rating in a research report on Friday. Wolfe Research started coverage on United Technologies in a research report on Wednesday, June 27th. They set an “outperform” rating for the company. Morgan Stanley started coverage on United Technologies in a research report on Friday, June 15th. They set an “overweight” rating and a $160.00 price objective for the company. Finally, Jefferies Financial Group set a $157.00 price objective on United Technologies and gave the company a “buy” rating in a research report on Tuesday, July 10th. Three analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. United Technologies presently has a consensus rating of “Buy” and a consensus target price of $146.78.
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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