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

Shares of Otis Worldwide Co. (NYSE:OTIS) have been assigned a consensus rating of “Hold” from the eight brokerages that are covering the stock, MarketBeat Ratings reports. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $99.33.

A number of analysts recently weighed in on OTIS shares. Argus increased their price target on Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Barclays raised their price target on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 2nd. Wells Fargo & Company dropped their price target 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 started coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They issued a “hold” rating on the stock. Finally, JPMorgan Chase & Co. raised their price target on shares of Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, April 25th.

Insider Activity at Otis Worldwide

In other news, EVP Peiming Zheng sold 30,364 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the completion of the sale, the executive vice president now owns 15,570 shares of the company’s stock, valued at $1,458,753.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.23% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in OTIS. Norges Bank acquired a new stake in shares of Otis Worldwide during the 4th quarter worth about $628,855,000. Vanguard Group Inc. lifted its holdings in shares of Otis Worldwide by 14.8% during the 4th quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock worth $4,095,342,000 after acquiring an additional 5,913,933 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Otis Worldwide by 47.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock worth $605,571,000 after acquiring an additional 2,442,203 shares during the period. Jacobs Levy Equity Management Inc. lifted its holdings in shares of Otis Worldwide by 104.5% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,555,300 shares of the company’s stock worth $124,906,000 after acquiring an additional 794,626 shares during the period. Finally, PineStone Asset Management Inc. raised its holdings in Otis Worldwide by 17.4% in the fourth quarter. PineStone Asset Management Inc. now owns 3,338,785 shares of the company’s stock valued at $298,721,000 after buying an additional 494,460 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Price Performance

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

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.01. The business had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.44 billion. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. Equities research analysts expect that Otis Worldwide will post 3.88 earnings per share for the current year.

Otis Worldwide Increases Dividend

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

Otis Worldwide Company Profile

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.