Otis Worldwide Corporation (OTIS) To Go Ex-Dividend on November 13th

Otis Worldwide Corporation (NYSE:OTIS) declared a quarterly dividend on Thursday, October 29th. Stockholders of record on Friday, November 13th will be paid a dividend of $0.44 per share on Friday, December 11th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Friday, November 13th.

Otis Worldwide has raised its dividend payment by an average of 0.2% annually over the last three years and has increased its dividend every year for the last 5 years. Otis Worldwide has a payout ratio of 39.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Otis Worldwide to earn $4.42 per share next year, which means the company should continue to be able to cover its $1.76 annual dividend with an expected future payout ratio of 39.8%.

Otis Worldwide Trading Up 1.8%

Shares of NYSE:OTIS opened at $75.93 on Friday. The company has a market capitalization of $28.90 billion, a PE ratio of 18.89, a P/E/G ratio of 2.62 and a beta of 0.87. Otis Worldwide has a 12-month low of $63.58 and a 12-month high of $94.57. The business’s fifty day simple moving average is $69.68 and its 200-day simple moving average is $76.43.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, October 28th. The company reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.01 by $0.04. Otis Worldwide had a negative return on equity of 28.45% and a net margin of 10.28%. The firm had revenue of $3.91 billion during the quarter, compared to analysts’ expectations of $3.85 billion. During the same period in the prior year, the business posted $1.05 EPS. The firm’s quarterly revenue was up 6.1% on a year-over-year basis. Research analysts predict that Otis Worldwide will post 4.03 EPS for the current year.

Institutional Investors Weigh In On Otis Worldwide

A number of large investors have recently made changes to their positions in the stock. Veritas Asset Management LLP purchased a new position in Otis Worldwide in the second quarter valued at $7,565,000. Envestnet Asset Management Inc. grew its stake in Otis Worldwide by 36.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 634,538 shares of the company’s stock worth $45,433,000 after purchasing an additional 170,600 shares in the last quarter. State Street Corp grew its stake in Otis Worldwide by 2.9% during the 2nd quarter. State Street Corp now owns 16,664,994 shares of the company’s stock worth $1,193,214,000 after purchasing an additional 463,491 shares in the last quarter. National Pension Service increased its holdings in Otis Worldwide by 16.6% during the 2nd quarter. National Pension Service now owns 761,439 shares of the company’s stock worth $54,519,000 after purchasing an additional 108,638 shares during the period. Finally, Banco Santander S.A. increased its holdings in Otis Worldwide by 1,153.2% during the 2nd quarter. Banco Santander S.A. now owns 106,257 shares of the company’s stock worth $7,608,000 after purchasing an additional 97,778 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Company Profile

Otis Worldwide Corporation (NYSE: OTIS) is a global manufacturer and service provider for the elevator and escalator industry. The company designs, manufactures, installs, modernizes and maintains elevators, escalators and moving walkways for commercial buildings, residential developments, transportation hubs and other infrastructure projects.

Otis provides equipment for new construction as well as maintenance, repair and modernization services for existing systems. Its service operations support equipment from Otis and other manufacturers, helping building owners and operators manage the safety, performance and lifecycle of vertical transportation systems.

The company traces its history to 1853, when Elisha Otis demonstrated a safety device for elevators.