NEW YORK (TheStreet) -- Shares of United Technologies Corp. (UTX) are up 0.27% to $113.35 in after-hours trading after it was reported that its Pratt & Whitney Canada unit said it will invest more than C$1 billion ($874 million) over 4.5 years to develop new high-performance plane engines, according to Reuters.
The Hartford, CT-based company, which operates in six international segments including aerospace, said the C$1 billion in research and development spending includes C$300 million from Canada's federal government, which is repayable, Reuters noted.
Sanford C. Bernstein upgraded shares of United Technologies today to "outperform" from "market perform" ahead of the news.
Shares of United Technologies traded on heavy volume with about 6.35 million shares changing hands by the market close in New York, compared to the average of 3.89 million.
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, impressive record of earnings per share growth, increase in net income, good cash flow from operations and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company shows low profit margins."