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Is United Technologies Corporation (UTX) Going to Burn These Hedge Funds?

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There are several ways to beat the market, and investing in small cap stocks has historically been one of them. We like to improve the odds of beating the market further by examining what famous hedge fund operators such as Carl Icahn and George Soros think. Those hedge fund operators make billions of dollars each year by hiring the best and the brightest to do research on stocks, including small cap stocks that big brokerage houses simply don’t cover. Because of Carl Icahn and other elite funds’ exemplary historical records, we pay attention to their small cap picks. In this article, we use hedge fund filing data to analyze United Technologies Corporation (NYSE:UTX).

Is United Technologies Corporation (NYSE:UTX) a bargain? Prominent investors are turning less bullish. The number of long hedge fund bets were cut by 8 recently. UTX was in 48 hedge funds’ portfolios at the end of the third quarter of 2016. There were 56 hedge funds in our database with UTX positions at the end of the previous quarter. At the end of this article we will also compare UTX to other stocks including Starbucks Corporation (NASDAQ:SBUX), The Boeing Company (NYSE:BA), and Toronto-Dominion Bank (USA) (NYSE:TD) to get a better sense of its popularity.

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At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 18% gains over the past 12 months, more than doubling the 8% returns enjoyed by the S&P 500 ETFs.

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Keeping this in mind, we’re going to take a gander at the recent action regarding United Technologies Corporation (NYSE:UTX).

Hedge fund activity in United Technologies Corporation (NYSE:UTX)

Heading into the fourth quarter of 2016, a total of 48 of the hedge funds tracked by Insider Monkey were long this stock, a change of -14% from the previous quarter. With hedge funds’ positions undergoing their usual ebb and flow, there exists a few notable hedge fund managers who were boosting their holdings meaningfully (or already accumulated large positions).

HedgeFundSentimentChart

According to Insider Monkey’s hedge fund database, Fisher Asset Management, managed by Ken Fisher, holds the largest position in United Technologies Corporation (NYSE:UTX). Fisher Asset Management has a $845 million position in the stock, comprising 1.5% of its 13F portfolio. On Fisher Asset Management’s heels is Southeastern Asset Management, managed by Mason Hawkins, which holds a $671.1 million position; 6.4% of its 13F portfolio is allocated to the stock. Some other members of the smart money that hold long positions encompass Robert Rodriguez and Steven Romick’s First Pacific Advisors LLC, Ric Dillon’s Diamond Hill Capital and D. E. Shaw’s D E Shaw.

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