United Technologies Co. (UTX) Position Reduced by Gemmer Asset Management LLC
Gemmer Asset Management LLC reduced its position in shares of United Technologies Co. (NYSE:UTX) by 22.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 326 shares of the conglomerate’s stock after selling 96 shares during the quarter. Gemmer Asset Management LLC’s holdings in United Technologies were worth $42,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also recently bought and sold shares of the stock. WESPAC Advisors SoCal LLC bought a new position in United Technologies in the 4th quarter worth $26,000. Guidant Wealth Advisors raised its holdings in United Technologies by 64.9% in the 4th quarter. Guidant Wealth Advisors now owns 254 shares of the conglomerate’s stock worth $27,000 after purchasing an additional 100 shares in the last quarter. Braun Bostich & Associates Inc. raised its holdings in United Technologies by 73.0% in the 4th quarter. Braun Bostich & Associates Inc. now owns 365 shares of the conglomerate’s stock worth $39,000 after purchasing an additional 154 shares in the last quarter. Massey Quick Simon & CO. LLC bought a new position in United Technologies in the 1st quarter worth $47,000. Finally, Sageworth Trust Co bought a new position in United Technologies in the 1st quarter worth $50,000. Institutional investors own 80.53% of the company’s stock.
Several research analysts have commented on UTX shares. Bank of America restated a “buy” rating and issued a $185.00 price objective on shares of United Technologies in a report on Thursday, January 24th. Goldman Sachs Group restated a “buy” rating and issued a $149.00 price objective on shares of United Technologies in a report on Wednesday, January 23rd. Zacks Investment Research upgraded shares of United Technologies from a “hold” rating to a “buy” rating and set a $129.00 price objective for the company in a report on Wednesday, January 30th. Seaport Global Securities started coverage on shares of United Technologies in a report on Friday, May 10th. They issued a “neutral” rating and a $136.86 price objective for the company. Finally, JPMorgan Chase & Co. started coverage on shares of United Technologies in a report on Friday, February 22nd. They issued an “overweight” rating and a $132.00 price objective for the company. Six research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. United Technologies currently has a consensus rating of “Buy” and a consensus target price of $148.07.
United Technologies (NYSE:UTX) last released its earnings results on Tuesday, April 23rd. The conglomerate reported $1.91 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.71 by $0.20. The firm had revenue of $18.37 billion for the quarter, compared to the consensus estimate of $18.01 billion. United Technologies had a net margin of 7.64% and a return on equity of 17.02%. The company’s revenue was up 20.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.77 EPS. On average, analysts forecast that United Technologies Co. will post 7.96 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Stockholders of record on Friday, May 17th will be given a $0.735 dividend. This represents a $2.94 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date of this dividend is Thursday, May 16th. United Technologies’s dividend payout ratio is presently 38.63%.
In other news, CEO Robert Kelly Ortberg sold 16,587 shares of the company’s stock in a transaction dated Thursday, February 28th. The shares were sold at an average price of $126.59, for a total value of $2,099,748.33. Following the sale, the chief executive officer now directly owns 70,211 shares of the company’s stock, valued at approximately $8,888,010.49. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Robert J. Bailey sold 1,418 shares of the company’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $126.20, for a total transaction of $178,951.60. The disclosure for this sale can be found here. 0.15% of the stock is owned by corporate insiders.
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.
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