First Citizens Bank & Trust Co. Grows Position in United Technologies Co. (NYSE:UTX)

First Citizens Bank & Trust Co. grew its holdings in United Technologies Co. (NYSE:UTX) by 19.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 13,253 shares of the conglomerate’s stock after purchasing an additional 2,128 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in United Technologies were worth $1,810,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Wealth Architects LLC boosted 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 purchasing an additional 75 shares during the period. Patten Group Inc. boosted 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 purchasing an additional 75 shares during the period. Glenview State Bank Trust DEPT. boosted 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 purchasing an additional 75 shares during the period. Mcrae Capital Management Inc. boosted 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 purchasing an additional 75 shares during the period. Finally, Heritage Way Advisors LLC boosted 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 purchasing an additional 75 shares during the period. 80.62% of the stock is currently owned by institutional investors.

A number of research firms have commented on UTX. Sanford C. Bernstein lifted their price objective on shares of United Technologies from $143.00 to $154.00 and gave the stock a “market perform” rating in a research report on Tuesday, September 17th. JPMorgan Chase & Co. boosted their target price on shares of United Technologies from $150.00 to $155.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Cowen reissued a “buy” rating and issued a $150.00 target price on shares of United Technologies in a research report on Wednesday, September 4th. Wolfe Research set a $152.00 target price on shares of United Technologies and gave the company a “buy” rating in a research report on Wednesday, September 18th. Finally, Barclays boosted their target price 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. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. United Technologies presently has a consensus rating of “Buy” and a consensus price target of $154.69.

In related news, VP Robert J. Bailey sold 1,299 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $149.17, for a total value of $193,771.83. Following the sale, the vice president now directly owns 2,600 shares in the company, valued at $387,842. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Robert J. Bailey sold 831 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $135.09, for a total value of $112,259.79. Following the completion of the sale, the vice president now owns 2,000 shares in the company, valued at $270,180. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 185,306 shares of company stock worth $25,914,056. Company insiders own 0.15% of the company’s stock.

NYSE UTX traded up $0.15 during trading on Friday, hitting $148.88. 1,668,146 shares of the company’s stock were exchanged, compared to its average volume of 3,289,642. The company has a current ratio of 1.06, a quick ratio of 0.75 and a debt-to-equity ratio of 0.93. The company has a market cap of $127.63 billion, a PE ratio of 19.56, a P/E/G ratio of 2.07 and a beta of 1.22. United Technologies Co. has a fifty-two week low of $100.48 and a fifty-two week high of $149.35. The stock’s 50 day moving average price is $138.67 and its two-hundred day moving average price is $133.63.

United Technologies (NYSE:UTX) last released its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $2.21 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.03 by $0.18. The company had revenue of $19.50 billion for the quarter, compared to analysts’ expectations of $19.31 billion. United Technologies had a return on equity of 16.81% and a net margin of 6.72%. The business’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same period in the previous year, the business posted $1.93 earnings per share. Analysts forecast that United Technologies Co. will post 8.13 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.735 per share. This represents a $2.94 annualized dividend and a dividend yield of 1.97%. The ex-dividend date is Thursday, November 14th. United Technologies’s dividend payout ratio (DPR) is currently 38.63%.

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: Consumer Price Index (CPI)

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

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