Your bet and reasoning are right on, but you were destined to make nothing after the flop. Don't miss that you picked up information on UTG. He limped in w/o an ace and probably without KK-TT because a lot of players with those hands will not automatically step aside just yet. So, there is a good chance UTG plays hands unfit for early position and if raising works to isolate people at this table, you could occasionally raise with typical calling hands when he limps and see the flop with an advantage.