Mechanics Bank Trust Department Decreases Stake in United Technologies Co. (NYSE:UTX)
Mechanics Bank Trust Department lowered its position in United Technologies Co. (NYSE:UTX) by 5.0% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 40,827 shares of the conglomerate’s stock after selling 2,171 shares during the quarter. United Technologies makes up about 1.2% of Mechanics Bank Trust Department’s holdings, making the stock its 24th biggest holding. Mechanics Bank Trust Department’s holdings in United Technologies were worth $5,315,000 at the end of the most recent reporting period.
Other institutional investors have also recently modified their holdings of the company. Geode Capital Management LLC raised its holdings in United Technologies by 15.0% during 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 in the last quarter. Northern Trust Corp raised its holdings in United Technologies by 9.5% during the fourth quarter. Northern Trust Corp now owns 9,810,008 shares of the conglomerate’s stock worth $1,044,569,000 after purchasing an additional 849,182 shares in the last quarter. Norges Bank acquired a new stake in United Technologies during the fourth quarter worth approximately $824,350,000. Dimensional Fund Advisors LP raised its holdings in United Technologies by 6.2% during 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 in the last quarter. Finally, Clearbridge Investments LLC raised its holdings in United Technologies by 170.5% during the first quarter. Clearbridge Investments LLC now owns 3,972,118 shares of the conglomerate’s stock worth $511,966,000 after purchasing an additional 2,503,654 shares in the last quarter. Institutional investors own 80.79% of the company’s stock.
Shares of United Technologies stock opened at $135.63 on Monday. The firm has a fifty day simple moving average of $130.48. The firm has a market cap of $116.95 billion, a PE ratio of 17.82, a price-to-earnings-growth ratio of 1.93 and a beta of 1.23. United Technologies Co. has a 12 month low of $100.48 and a 12 month high of $144.40. The company has a quick ratio of 0.74, a current ratio of 1.05 and a debt-to-equity ratio of 0.93.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Friday, August 16th will be given a $0.735 dividend. The ex-dividend date is Thursday, August 15th. This represents a $2.94 dividend on an annualized basis and a yield of 2.17%. United Technologies’s dividend payout ratio (DPR) is 38.63%.
A number of research firms have weighed in on UTX. William Blair reissued a “hold” rating on shares of United Technologies in a report on Monday, June 10th. Seaport Global Securities raised shares of United Technologies from a “neutral” rating to a “buy” rating and set a $165.00 price objective on the stock in a report on Monday, June 10th. 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 report on Friday, June 14th. Royal Bank of Canada set a GBX 5,200 ($67.95) price objective on shares of London Stock Exchange Group and gave the stock a “buy” rating in a report on Wednesday, April 24th. Finally, Morgan Stanley raised their price objective on shares of United Technologies from $155.00 to $164.00 and gave the stock an “overweight” rating in a report on Monday, May 20th. Five analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target 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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