NEW YORK ( TheStreet) -- United Technologies ( UTX) has raised its first quarter dividend by 10.4% to 42.5 cents per common share.

"This dividend increase demonstrates our confidence in UTC's financial strength and in our ability to continue to deliver outstanding performance in 2010 and beyond," United Technologies' chief, Louis Chenevert said.

The company claims to be stronger than a year ago as a result of structural cost reduction, effective cash redeployment and portfolio transformation.

The dividend is payable March 10 to shareowners of record at the close of business Feb. 19. The ex-dividend date is Feb. 17.

United Technologies stock settled at $65.40, down 1.7%. United Technologies provides high-tech products and services to the aerospace and building industries worldwide.

A few related stocks have also closed the trading session lower. General Electric ( GE) edged down 1.2% to $15.60, while Goodrich ( GR) has inched lower to $61.90, down 1%. Heico ( HEI) tumbled 1.9% to $41.20.

-- Reported by Andrea Tse in New York

>>See our new stock quote page.

Follow TheStreet.com on Twitter and become a fan on Facebook.

If you liked this article you might like

Why Honeywell, United Technologies Can Still Blast to New Highs

Why Honeywell, United Technologies Can Still Blast to New Highs

The 3 Hottest Stories on Wall Street Thursday

The 3 Hottest Stories on Wall Street Thursday

3 Dow Stocks to Buy on the Market's Bounce

3 Dow Stocks to Buy on the Market's Bounce

Jim Cramer: Round Up the Usual Suspects

Jim Cramer: Round Up the Usual Suspects

Video: This Strategist Wants You to Take Advantage of the Recent Market Pullback

Video: This Strategist Wants You to Take Advantage of the Recent Market Pullback