United Technologies Pays Dividend For 73rd Consecutive Year

Dow component United Technologies (UTX: 83.78 +2.50%) announced late yesterday that its Board of Directors has approved a quarterly cash dividend of $.385 per share.

 

United Technologies current dividend yield now stands at 2.8%.

 

The dividend will be payable on September 10, 2009 to shareholders of record as of August 21, 2009.

 

The markets responded positively to news of the dividend announcement, sending UTX’s shares up 1.2% to $56.16 in early morning trading. Since the beginning of 2009, the stock has gained almost 5%.

 

2009 marks the 73^rd consecutive year that United Technologies has paid a dividend. While Wall Street expects UTX’s earnings to decline in 2009 from 2008 levels, analysts still expect the company to earn over $4 per share this year. At their current dividend level, UTX would only pay out $1.54 in dividends this year. So the stock’s dividend payout ratio remains below 40%.

 

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