Dividend Stock: United Technologies Ratchets Up Its Dividend
United Technologies Boost Its Quarterly Dividend
About: (United Technologies (NYSE: UTX), Otis elevators, Sikorsky helicopters, Dividend Genius, dividend stock, dividend stocks, stock dividend, stock dividends)
After raising its dividend for 14 consecutive through 2008, industrial conglomerate United Technologies (NYSE: UTX) took a year off from dividend hikes in 2009. That’s not surprising given the weak economy, and at least the company wasn’t among the denizens of dividend cutters that imperiled income investors in 2009. All that aside, the maker of Otis elevators Sikorsky helicopters has joined the ranks of 2010’s dividend raisers by announcing it will boost its quarterly dividend by 10.4% to 42.5 cents a share.
United Technologies, a member of the Dow Jones Industrial Average, delivered better-than-expected fourth-quarter results last month and affirmed steady profit growth for 2010 while saying there are chances for a decent recovery in the second half of this year. The new dividend will cost United Technologies $150 million per year.
Based on Monday’s closing price, United Technologies would yield about 2.6% based on the higher dividend. The company has paid a dividend for 74 years with the last increase coming in the third quarter of 2008.
