Sigma Investment Counselors Inc. Has $3 Million Holdings in United Technologies Co. (NYSE:UTX)
Sigma Investment Counselors Inc. increased its position in shares of United Technologies Co. (NYSE:UTX) by 1.1% during the second quarter, Holdings Channel reports. The fund owned 23,010 shares of the conglomerate’s stock after acquiring an additional 254 shares during the quarter. Sigma Investment Counselors Inc.’s holdings in United Technologies were worth $2,996,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the company. Wealth Architects LLC grew its position in United Technologies by 4.3% in the second quarter. Wealth Architects LLC now owns 1,812 shares of the conglomerate’s stock worth $236,000 after acquiring an additional 75 shares in the last quarter. Patten Group Inc. grew its position in United Technologies by 0.3% in the second quarter. Patten Group Inc. now owns 27,978 shares of the conglomerate’s stock worth $3,643,000 after acquiring an additional 75 shares in the last quarter. Addenda Capital Inc. grew its position in United Technologies by 0.7% in the first quarter. Addenda Capital Inc. now owns 11,912 shares of the conglomerate’s stock worth $1,535,000 after acquiring an additional 87 shares in the last quarter. OLD National Bancorp IN grew its position in United Technologies by 0.3% in the second quarter. OLD National Bancorp IN now owns 31,084 shares of the conglomerate’s stock worth $4,048,000 after acquiring an additional 87 shares in the last quarter. Finally, Orrstown Financial Services Inc. grew its position in United Technologies by 20.4% in the second quarter. Orrstown Financial Services Inc. now owns 549 shares of the conglomerate’s stock worth $72,000 after acquiring an additional 93 shares in the last quarter. Institutional investors and hedge funds own 80.61% of the company’s stock.
Several research firms have commented on UTX. Bank of America downgraded shares of TAL Education Group from a “buy” rating to a “neutral” rating in a research report on Thursday. Cowen restated a “hold” rating and issued a $13.00 price objective on shares of AMAG Pharmaceuticals in a research note on Monday, June 24th. Barclays cut shares of FirstCash from an “overweight” rating to an “equal weight” rating in a research note on Wednesday. They noted that the move was a valuation call. William Blair restated a “hold” rating on shares of United Technologies in a research note on Monday, June 10th. Finally, Vertical Research upgraded shares of United Technologies from a “hold” rating to a “buy” rating and set a $145.00 price objective for the company in a research note on Friday, June 14th. Five equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. United Technologies presently has an average rating of “Buy” and an average target price of $152.21.
United Technologies (NYSE:UTX) last released its earnings results on Tuesday, July 23rd. The conglomerate reported $2.20 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.04 by $0.16. The firm had revenue of $19.63 billion during the quarter, compared to analysts’ expectations of $19.58 billion. United Technologies had a net margin of 7.13% and a return on equity of 16.81%. The business’s quarterly revenue was up 17.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.97 EPS. On average, sell-side analysts forecast that United Technologies Co. will post 8 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Friday, August 16th will be paid a dividend of $0.735 per share. This represents a $2.94 annualized dividend and a yield of 2.17%. The ex-dividend date of this dividend is Thursday, August 15th. United Technologies’s payout ratio is currently 38.63%.
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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