Maple Capital Management Inc. Cuts Position in United Technologies Corporation (NYSE:UTX)

Maple Capital Management Inc. reduced its stake in United Technologies Corporation (NYSE:UTX) by 2.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 50,237 shares of the conglomerate’s stock after selling 1,012 shares during the period. United Technologies Corporation makes up approximately 1.7% of Maple Capital Management Inc.’s portfolio, making the stock its 26th largest position. Maple Capital Management Inc.’s holdings in United Technologies Corporation were worth $5,637,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in United Technologies Corporation during the fourth quarter valued at approximately $740,872,000. Putnam Investments LLC raised its stake in United Technologies Corporation by 248.3% in the fourth quarter. Putnam Investments LLC now owns 1,385,091 shares of the conglomerate’s stock valued at $151,834,000 after buying an additional 987,378 shares in the last quarter. Viking Global Investors LP bought a new stake in United Technologies Corporation during the fourth quarter valued at approximately $59,353,000. American Century Companies Inc. raised its stake in United Technologies Corporation by 15.8% in the first quarter. American Century Companies Inc. now owns 3,430,061 shares of the conglomerate’s stock valued at $384,887,000 after buying an additional 468,515 shares in the last quarter. Finally, I.G. Investment Management LTD. raised its stake in United Technologies Corporation by 21.1% in the fourth quarter. I.G. Investment Management LTD. now owns 1,516,211 shares of the conglomerate’s stock valued at $166,207,000 after buying an additional 264,565 shares in the last quarter. Institutional investors and hedge funds own 78.81% of the company’s stock.

Shares of United Technologies Corporation (UTX) opened at 117.20 on Thursday. The firm has a market capitalization of $93.62 billion, a P/E ratio of 17.85 and a beta of 1.06. United Technologies Corporation has a 52 week low of $97.62 and a 52 week high of $124.79. The firm has a 50 day moving average price of $121.48 and a 200-day moving average price of $116.87.

United Technologies Corporation (NYSE:UTX) last released its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $1.85 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.78 by $0.07. United Technologies Corporation had a return on equity of 18.07% and a net margin of 9.15%. The company had revenue of $15.28 billion during the quarter, compared to analysts’ expectations of $15.24 billion. During the same period in the previous year, the firm posted $1.82 earnings per share. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. Equities research analysts predict that United Technologies Corporation will post $6.59 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Sunday, September 10th. Investors of record on Friday, August 18th will be paid a $0.70 dividend. This is a positive change from United Technologies Corporation’s previous quarterly dividend of $0.66. This represents a $2.80 annualized dividend and a yield of 2.39%. The ex-dividend date is Wednesday, August 16th. United Technologies Corporation’s dividend payout ratio is presently 40.24%.

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Several brokerages have recently weighed in on UTX. Royal Bank Of Canada upped their target price on United Technologies Corporation from $118.00 to $125.00 and gave the stock a “sector perform” rating in a research note on Thursday, April 27th. Zacks Investment Research downgraded United Technologies Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, June 20th. Credit Suisse Group reaffirmed a “buy” rating and set a $136.00 target price on shares of United Technologies Corporation in a research note on Wednesday, July 26th. Morgan Stanley upped their target price on United Technologies Corporation from $120.00 to $123.00 and gave the stock an “overweight” rating in a research note on Friday, April 28th. Finally, BidaskClub downgraded United Technologies Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, July 19th. Thirteen research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $123.54.

About United Technologies Corporation

United Technologies Corporation is engaged in providing high technology products and services to the building systems and aerospace industries around the world. The Company operates through four segments: Otis; UTC Climate, Controls & Security; Pratt & Whitney, and UTC Aerospace Systems. Otis operates as an elevator and escalator manufacturing, installation and service company.