Otis Worldwide Co. (NYSE:OTIS) to Issue Quarterly Dividend of $0.39

Otis Worldwide Co. (NYSE:OTIS) declared a quarterly dividend on Tuesday, April 23rd, Zacks reports. Shareholders of record on Friday, May 17th will be given a dividend of 0.39 per share on Friday, June 7th. This represents a $1.56 dividend on an annualized basis and a yield of 1.67%. The ex-dividend date of this dividend is Thursday, May 16th. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34.

Otis Worldwide has raised its dividend payment by an average of 29.7% per year over the last three years and has raised its dividend every year for the last 3 years. Otis Worldwide has a payout ratio of 31.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect Otis Worldwide to earn $4.29 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 31.7%.

Otis Worldwide Stock Down 0.2 %

NYSE:OTIS traded down $0.22 on Thursday, reaching $93.15. 179,114 shares of the company’s stock were exchanged, compared to its average volume of 2,006,932. The firm has a market capitalization of $37.65 billion, a price-to-earnings ratio of 27.54 and a beta of 1.01. The business has a fifty day moving average of $96.41 and a 200-day moving average of $89.24. Otis Worldwide has a 52-week low of $73.32 and a 52-week high of $100.35.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.87 by $0.01. The company had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.44 billion. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. As a group, equities analysts anticipate that Otis Worldwide will post 3.87 earnings per share for the current year.

Insider Buying and Selling

In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total value of $3,426,360.96. Following the sale, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the transaction, the insider now directly owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total value of $3,426,360.96. Following the transaction, the chief executive officer now directly owns 192,319 shares in the company, valued at $17,660,653.77. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on OTIS shares. Melius started coverage on shares of Otis Worldwide in a research note on Tuesday, April 2nd. They set a “hold” rating on the stock. Argus upgraded shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 target price on the stock in a research note on Thursday, February 22nd. Vertical Research lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. UBS Group increased their price target on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, February 16th. Finally, Wells Fargo & Company dropped their price target on shares of Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 1st. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $95.00.

Otis Worldwide Company Profile

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.