NEW YORK (TheStreet) -- Shares of United Technologies Corp.undefined are up 1.99% to $120.70 in pre-market trading today as the Hartford, CT-based company announced a review of "strategic alternatives" for its Sikorsky Aircraft business, including a potential tax-free spin-off.

"As part of the portfolio review announced last December, we are exploring strategic options for Sikorsky to determine the best way to enhance its long-term success and create improved long-term value for UTC's customers and shareholders," said President & CEO Gregory Hayes.

The company expects to conclude its strategic review before the end of the year. However, no specific timetable has been set, and there can be no assurance that a spin-off or any other transaction will take place, the company noted.

The company will discuss its decision to review strategic alternatives for Sikorsky at its annual investor and analyst meeting beginning at 1:00 p.m. today.

"Today, Sikorsky is a world leader in the design, manufacture and service of military and commercial helicopter platforms. It has unmatched technological capabilities, outstanding people and a strong backlog," Hayes continued.

"Looking to the future, we are evaluating whether Sikorsky's unique business as a rotorcraft OEM with a predominately military customer base is best positioned as a stand-alone company, and whether a separation would allow United Technologies to better focus on providing high-technology systems and services to the aerospace and building industries," Hayes added.

United Technologies provides high technology products and services to the building systems and aerospace industries worldwide.

"No one was breathing down [Hayes'] neck, but the decision to shed Sikorsky, which I regard as bedrock UTX, shows you that he's deeply unsatisfied with his own company," TheStreet's Jim Cramer said.

Insight from TheStreet's Research Team:

United Technologies is a core holding of Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. During the most recent weekly roundup, this is what Jim Cramer, Portfolio Manager and Jack Mohr, Director of Research - Action Alerts PLUS had to say about the stock:

Shares traded lower this week in sympathy with the group after we trimmed our position two weeks ago to take some gains.

Last Wednesday, the company was awarded a $407 million government contract for the engine-component-improvement program, in which UTX provides design improvement, life management/analysis, repair development, and tests engines produced by its Pratt & Whitney unit.

Beyond this positive news, we continue to like the stock and the new CEO and CFO, who have already redirected the company's strategy by focusing on M&A organization, streamlining reporting lines in the aerospace company and being committed to shareholder capital return.

Plus, the underlying business remains strong, with its latest quarterly earnings meeting expectations, led by strong results from the aerospace and nonresidential construction segments and 120 bps of margin improvement.

We like the setup into 2015, which is why it is still one of our largest positions. Our target is $125.

- Jim Cramer and Jack Mohr, 'Weekly Roundup' originally published 3/6/2015 on ActionAlertsPLUS.com.

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Separately, TheStreet Ratings team rates UNITED TECHNOLOGIES CORP as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:

"We rate UNITED TECHNOLOGIES CORP (UTX) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, growth in earnings per share, largely solid financial position with reasonable debt levels by most measures, notable return on equity and increase in net income. We feel these strengths outweigh the fact that the company shows weak operating cash flow."

You can view the full analysis from the report here: UTX Ratings Report