United Technologies Corp. Raises Quarterly Dividend by 8.5%
UTC’s increased dividend will be payable from first-quarter 2015 on March 10 to shareholders of record as of Feb 13.
United Technologies Corp. (UTX) recently announced an 8.5% year-over-year hike in its quarterly dividend payout to 64 cents per share or $2.56 on an annualized basis. The increased dividend will be payable from first-quarter 2015 on March 10 to shareholders of record as of Feb 13.
Based on the closing price of $116.58 on Feb 2, 2015, the proposed dividend affirms a yield of 2.2%. A steady dividend payout is part of the long-term strategy of UTC to provide attractive risk-adjusted returns to its stockholders. In addition, healthy dividend increases at periodic intervals have been one of UTC’s high points, according to Zacks.
The dividend increase comes close on the heels of strong fourth-quarter 2014 results, in which UTC posted healthy margin improvement and six consecutive quarters of organic sales growth. Recurring earnings for the reported quarter were $1.88 per share, which beat the Zacks Consensus Estimate of $1.61.
UTC continues to maintain a strong cash flow position, according to Zacks. At year-end 2014, cash and cash equivalents were $5.245 million with long-term debt of $17.87 million compared with respective tallies of $4.629 million and $19.74 million in 2013. The company had a debt-to-capital ratio of 38%.
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