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

Otis Worldwide Co. (NYSE:OTIS) has been assigned an average recommendation of “Hold” from the ten research firms that are covering the stock, MarketBeat reports. Two analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $104.50.

A number of research firms have issued reports on OTIS. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target for the company. in a research report on Thursday, December 12th. Wells Fargo & Company dropped their price target on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Morgan Stanley assumed coverage on Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective for the company. Finally, Barclays lowered Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 target price on the stock. in a research report on Thursday, December 5th.

Insider Activity

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the transaction, the executive vice president now directly owns 9,992 shares in the company, valued at $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.23% of the company’s stock.

Institutional Investors Weigh In On Otis Worldwide

Several large investors have recently added to or reduced their stakes in OTIS. Optas LLC boosted its stake in shares of Otis Worldwide by 2.2% in the 3rd quarter. Optas LLC now owns 5,522 shares of the company’s stock valued at $574,000 after buying an additional 118 shares during the period. Rehmann Capital Advisory Group lifted its stake in Otis Worldwide by 4.4% in the third quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company’s stock worth $299,000 after acquiring an additional 122 shares during the last quarter. Brighton Jones LLC lifted its stake in Otis Worldwide by 5.0% in the second quarter. Brighton Jones LLC now owns 2,580 shares of the company’s stock worth $248,000 after acquiring an additional 124 shares during the last quarter. Groupama Asset Managment grew its holdings in Otis Worldwide by 1.4% during the 3rd quarter. Groupama Asset Managment now owns 9,428 shares of the company’s stock worth $980,000 after acquiring an additional 132 shares in the last quarter. Finally, Resonant Capital Advisors LLC increased its position in shares of Otis Worldwide by 4.6% in the 2nd quarter. Resonant Capital Advisors LLC now owns 3,426 shares of the company’s stock valued at $330,000 after purchasing an additional 150 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Trading Up 0.5 %

OTIS opened at $94.00 on Thursday. Otis Worldwide has a 12 month low of $85.42 and a 12 month high of $106.33. The stock has a fifty day moving average price of $99.89 and a 200-day moving average price of $97.76. The firm has a market cap of $37.55 billion, a price-to-earnings ratio of 23.44 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The business had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same period in the previous year, the company posted $0.95 earnings per share. The business’s revenue for the quarter was up .7% on a year-over-year basis. On average, equities research analysts forecast that Otis Worldwide will post 3.86 EPS for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were given a $0.39 dividend. The ex-dividend date was Friday, November 15th. This represents a $1.56 annualized dividend and a yield of 1.66%. Otis Worldwide’s payout ratio is 38.90%.

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.