Otis Worldwide Co. (NYSE:OTIS) Receives Consensus Rating of “Hold” from Analysts

Shares of Otis Worldwide Co. (NYSE:OTIS) have received an average rating of “Hold” from the eight brokerages that are currently covering the firm, Marketbeat reports. Six equities research analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $99.33.

OTIS has been the topic of several research reports. Barclays raised their target price 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. JPMorgan Chase & Co. increased their target price on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, April 25th. 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 research report on Thursday, April 25th. Melius began coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They issued a “hold” rating on the stock. Finally, Argus increased their target price on Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research report on Monday, May 13th.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the completion of the transaction, the executive vice president now owns 15,570 shares in the company, valued at approximately $1,458,753.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.23% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Otis Worldwide

Institutional investors and hedge funds have recently modified their holdings of the stock. Cetera Trust Company N.A purchased a new position in Otis Worldwide during the 4th quarter valued at $27,000. Turtle Creek Wealth Advisors LLC bought a new position in shares of Otis Worldwide in the 4th quarter worth $28,000. Orion Capital Management LLC bought a new position in shares of Otis Worldwide in the 3rd quarter worth $30,000. LifeSteps Financial Inc. bought a new position in shares of Otis Worldwide in the 1st quarter worth $31,000. Finally, Pacific Capital Wealth Advisors Inc. bought a new position in shares of Otis Worldwide in the 4th quarter worth $35,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Up 0.6 %

NYSE:OTIS opened at $96.51 on Thursday. The company’s 50 day moving average price is $96.20 and its 200-day moving average price is $94.05. Otis Worldwide has a 52 week low of $73.32 and a 52 week high of $100.84. The stock has a market cap of $39.02 billion, a price-to-earnings ratio of 27.89 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.44 billion. As a group, sell-side analysts anticipate that Otis Worldwide will post 3.88 earnings per share for the current year.

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 17th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.62%. The ex-dividend date was Thursday, May 16th. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s dividend payout ratio (DPR) is currently 45.09%.

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.