White Pine Investment CO lifted its position in shares of United Technologies Co. (NYSE:UTX) by 1.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 42,694 shares of the conglomerate’s stock after purchasing an additional 726 shares during the quarter. United Technologies accounts for approximately 2.6% of White Pine Investment CO’s portfolio, making the stock its 14th largest holding. White Pine Investment CO’s holdings in United Technologies were worth $5,559,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of UTX. Deprince Race & Zollo Inc. grew its stake in shares of United Technologies by 13.9% in the fourth quarter. Deprince Race & Zollo Inc. now owns 175,715 shares of the conglomerate’s stock worth $18,710,000 after purchasing an additional 21,495 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of United Technologies by 6.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,383,674 shares of the conglomerate’s stock worth $466,759,000 after purchasing an additional 256,907 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of United Technologies by 15.0% in the fourth quarter. Geode Capital Management LLC now owns 9,926,113 shares of the conglomerate’s stock worth $1,055,120,000 after purchasing an additional 1,293,517 shares during the last quarter. Semmax Financial Advisors Inc. bought a new stake in shares of United Technologies in the fourth quarter worth $70,000. Finally, LMR Partners LLP bought a new stake in shares of United Technologies in the fourth quarter worth $738,000. 81.03% of the stock is currently owned by institutional investors and hedge funds.
Shares of UTX traded down $2.63 on Wednesday, reaching $125.39. The company’s stock had a trading volume of 747,921 shares, compared to its average volume of 3,802,845. The company has a quick ratio of 0.74, a current ratio of 1.05 and a debt-to-equity ratio of 0.93. United Technologies Co. has a twelve month low of $100.48 and a twelve month high of $144.40. The firm has a market cap of $111.18 billion, a PE ratio of 16.48, a PEG ratio of 1.86 and a beta of 1.20. The company has a fifty day moving average of $131.88.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Friday, August 16th will be issued a $0.735 dividend. The ex-dividend date is Thursday, August 15th. This represents a $2.94 dividend on an annualized basis and a dividend yield of 2.34%. United Technologies’s dividend payout ratio is presently 38.63%.
In related news, EVP Michael R. Dumais sold 4,329 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $130.98, for a total value of $567,012.42. Following the sale, the executive vice president now owns 39,265 shares in the company, valued at approximately $5,142,929.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Elizabeth B. Amato sold 4,298 shares of the company’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $135.71, for a total transaction of $583,281.58. Following the completion of the sale, the executive vice president now owns 30,847 shares in the company, 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 analysts recently weighed in on the stock. Vertical Research raised shares of United Technologies from a “hold” rating to a “buy” rating and set a $145.00 price objective on the stock in a research note on Friday, June 14th. Barclays upped their price target on shares of United Technologies from $149.00 to $153.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Cowen raised shares of United Technologies from a “market perform” rating to an “outperform” rating and upped their price target for the company from $135.00 to $150.00 in a research report on Monday, June 24th. Zacks Investment Research cut shares of United Technologies from a “strong-buy” rating to a “hold” rating and set a $151.00 price target on the stock. in a research report on Friday, July 19th. Finally, Seaport Global Securities raised shares of United Technologies from a “neutral” rating to a “buy” rating and set a $165.00 price target on the stock in a research report on Monday, June 10th. Five analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. United Technologies has an average 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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