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

Otis Worldwide Co. (NYSE:OTIS) has earned an average rating of “Hold” from the eight brokerages that are covering the company, MarketBeat Ratings reports. Six research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $98.83.

Several research analysts have commented on OTIS shares. JPMorgan Chase & Co. upped their price objective 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 $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, July 25th. Finally, Argus upped their price objective on shares of Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a report on Monday, May 13th.

Insider Activity

In other news, EVP Peiming Zheng sold 30,364 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president now owns 15,570 shares of the company’s stock, valued at approximately $1,458,753.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.23% of the company’s stock.

Institutional Trading of Otis Worldwide

Institutional investors have recently made changes to their positions in the stock. Norges Bank purchased a new position in shares of Otis Worldwide in the fourth quarter worth approximately $628,855,000. Vanguard Group Inc. boosted its holdings in shares of Otis Worldwide by 14.8% in the fourth quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock worth $4,095,342,000 after buying an additional 5,913,933 shares during the last quarter. PineStone Asset Management Inc. boosted its holdings in shares of Otis Worldwide by 138.3% in the second quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock worth $429,717,000 after buying an additional 2,590,780 shares during the last quarter. Sarasin & Partners LLP boosted its holdings in shares of Otis Worldwide by 27.2% in the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock worth $398,061,000 after buying an additional 883,659 shares during the last quarter. Finally, Putnam Investments LLC raised its stake in Otis Worldwide by 20.1% during the 4th quarter. Putnam Investments LLC now owns 2,409,345 shares of the company’s stock worth $215,564,000 after acquiring an additional 403,215 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Down 0.0 %

Shares of OTIS opened at $94.29 on Monday. The stock has a market capitalization of $38.12 billion, a P/E ratio of 27.25 and a beta of 1.03. The firm has a fifty day simple moving average of $96.82 and a two-hundred day simple moving average of $95.41. Otis Worldwide has a twelve month low of $73.32 and a twelve month high of $100.84.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.03. The business had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.74 billion. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.92 EPS. Sell-side analysts expect that Otis Worldwide will post 3.87 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Friday, August 16th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date of this dividend is Friday, August 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.