Otis Worldwide Co. (NYSE:OTIS) Given Average Rating of “Hold” by Brokerages

Shares of Otis Worldwide Co. (NYSE:OTIS) have earned an average rating of “Hold” from the eight research firms that are presently covering the stock, MarketBeat.com reports. Six investment analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $96.86.

A number of analysts recently commented on the stock. Barclays boosted their price objective on shares of Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 2nd. Wells Fargo & Company decreased their price objective on shares of Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a report on Thursday. Vertical Research downgraded shares of Otis Worldwide from a “buy” rating to a “hold” rating in a report on Tuesday, January 2nd. JPMorgan Chase & Co. boosted their price objective on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, Argus raised shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective on the stock in a report on Thursday, February 22nd.

Otis Worldwide Stock Down 0.9 %

Shares of Otis Worldwide stock opened at $92.18 on Friday. Otis Worldwide has a 52-week low of $73.32 and a 52-week high of $100.35. The company’s 50-day simple moving average is $96.44 and its 200-day simple moving average is $89.35. The firm has a market cap of $37.26 billion, a price-to-earnings ratio of 26.64 and a beta of 1.01.

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. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. The business had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.44 billion. Equities research analysts anticipate that Otis Worldwide will post 3.87 EPS for the current year.

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 17th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.69%. The ex-dividend date of this dividend is Thursday, May 16th. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s dividend payout ratio is 39.31%.

Insider Buying and Selling at Otis Worldwide

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

Institutional Trading of Otis Worldwide

Hedge funds and other institutional investors have recently made changes to their positions in the business. Cetera Trust Company N.A bought a new stake in shares of Otis Worldwide in the 4th quarter worth approximately $27,000. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Otis Worldwide in the fourth quarter worth approximately $28,000. Orion Capital Management LLC purchased a new position in shares of Otis Worldwide in the third quarter worth approximately $30,000. Janiczek Wealth Management LLC increased its position in shares of Otis Worldwide by 141.1% in the third quarter. Janiczek Wealth Management LLC now owns 381 shares of the company’s stock worth $31,000 after acquiring an additional 223 shares in the last quarter. Finally, LifeSteps Financial Inc. purchased a new position in shares of Otis Worldwide in the first quarter worth approximately $31,000. 88.03% of the stock is currently owned by institutional investors.

About Otis Worldwide

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.