Brokerages Set Otis Worldwide Corporation (NYSE:OTIS) PT at $101.44

Shares of Otis Worldwide Corporation (NYSE:OTIS) have been given an average rating of “Hold” by the ten analysts that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $101.4444.

OTIS has been the subject of a number of recent research reports. Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research note on Monday, December 15th. Wolfe Research reaffirmed an “outperform” rating on shares of Otis Worldwide in a research report on Monday, March 16th. BNP Paribas Exane upgraded Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target on the stock in a report on Tuesday, December 9th. New Street Research set a $98.00 price target on Otis Worldwide in a research report on Friday, January 30th. Finally, JPMorgan Chase & Co. cut Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price objective for the company. in a research note on Friday, January 30th.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock opened at $79.10 on Friday. The stock has a market cap of $30.75 billion, a price-to-earnings ratio of 22.60, a PEG ratio of 2.39 and a beta of 1.00. The firm’s 50-day moving average is $88.52 and its two-hundred day moving average is $89.06. Otis Worldwide has a 1 year low of $78.25 and a 1 year high of $105.95.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, meeting the consensus estimate of $1.03. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The business had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same quarter in the previous year, the business posted $0.93 EPS. The company’s quarterly revenue was up 3.3% compared to the same quarter last year. On average, equities analysts expect that Otis Worldwide will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 13th were issued a $0.42 dividend. The ex-dividend date was Friday, February 13th. This represents a $1.68 dividend on an annualized basis and a yield of 2.1%. Otis Worldwide’s payout ratio is currently 48.00%.

Insider Activity

In related news, insider Montlivault Stephane De sold 47,944 shares of the business’s stock in a transaction that occurred on Thursday, February 12th. The shares were sold at an average price of $92.25, for a total transaction of $4,422,834.00. Following the completion of the transaction, the insider owned 29,176 shares in the company, valued at $2,691,486. The trade was a 62.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Judith Fran Marks sold 56,107 shares of the stock in a transaction that occurred on Thursday, February 5th. The shares were sold at an average price of $90.89, for a total transaction of $5,099,565.23. Following the sale, the chief executive officer directly owned 231,072 shares of the company’s stock, valued at $21,002,134.08. The trade was a 19.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 158,013 shares of company stock valued at $14,337,635. Corporate insiders own 0.23% of the company’s stock.

Hedge Funds Weigh In On Otis Worldwide

Institutional investors and hedge funds have recently bought and sold shares of the company. Oakworth Capital Inc. boosted its position in shares of Otis Worldwide by 49.1% in the 3rd quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock worth $31,000 after purchasing an additional 113 shares in the last quarter. Cookson Peirce & Co. Inc. grew its stake in Otis Worldwide by 1.8% during the 3rd quarter. Cookson Peirce & Co. Inc. now owns 6,615 shares of the company’s stock worth $605,000 after buying an additional 115 shares during the last quarter. OLD National Bancorp IN increased its position in Otis Worldwide by 5.5% during the 3rd quarter. OLD National Bancorp IN now owns 2,245 shares of the company’s stock valued at $205,000 after buying an additional 118 shares in the last quarter. PKS Advisory Services LLC increased its position in Otis Worldwide by 4.9% during the 2nd quarter. PKS Advisory Services LLC now owns 2,575 shares of the company’s stock valued at $255,000 after buying an additional 121 shares in the last quarter. Finally, Smartleaf Asset Management LLC raised its stake in Otis Worldwide by 5.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,295 shares of the company’s stock valued at $202,000 after buying an additional 123 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Company Profile

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.