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

Shares of Otis Worldwide Co. (NYSE:OTIS) have received an average rating of “Hold” from the ten research firms that are covering the firm, Marketbeat Ratings reports. Two research 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 12 month price target among analysts that have issued a report on the stock in the last year is $104.50.

Several equities research analysts have recently issued reports on OTIS shares. Royal Bank of Canada restated an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a research note on Thursday, September 19th. Barclays downgraded shares of Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 target price for the company. in a research note on Thursday, December 5th. Wells Fargo & Company dropped their price target on shares of 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 began coverage on shares of 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, Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research report on Thursday, December 12th.

Otis Worldwide Stock Up 0.5 %

NYSE:OTIS opened at $94.00 on Thursday. Otis Worldwide has a twelve month low of $85.42 and a twelve month high of $106.33. The company has a fifty day moving average of $99.89 and a 200-day moving average of $97.76. The firm has a market capitalization of $37.55 billion, a P/E ratio of 23.44 and a beta of 1.04.

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

Otis Worldwide Dividend Announcement

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

Insider Buying and Selling at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the transaction, the executive vice president now owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. This trade represents a 47.39 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.23% of the company’s stock.

Institutional Investors Weigh In On Otis Worldwide

A number of institutional investors and hedge funds have recently modified their holdings of OTIS. Franklin Resources Inc. raised its position in Otis Worldwide by 58.3% during the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock valued at $774,863,000 after purchasing an additional 2,706,871 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of Otis Worldwide by 3,673.6% in the third quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company’s stock valued at $232,662,000 after acquiring an additional 2,201,988 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of Otis Worldwide by 12.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock valued at $793,945,000 after acquiring an additional 907,972 shares in the last quarter. Brown Brothers Harriman & Co. lifted its stake in Otis Worldwide by 2,782.3% in the second quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock worth $78,469,000 after acquiring an additional 786,897 shares during the period. Finally, National Bank of Canada FI grew its holdings in Otis Worldwide by 274.2% during the 3rd quarter. National Bank of Canada FI now owns 714,413 shares of the company’s stock worth $74,250,000 after acquiring an additional 523,518 shares in the last quarter. 88.03% of the stock is owned by institutional investors.

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.