Otis Worldwide Co. (NYSE:OTIS) Plans Dividend Increase – $0.39 Per Share

Otis Worldwide Co. (NYSE:OTIS) declared a quarterly dividend on Tuesday, April 23rd, Zacks reports. Stockholders of record on Friday, May 17th will be paid a dividend of 0.39 per share on Friday, June 7th. This represents a $1.56 annualized dividend and a dividend yield of 1.67%. The ex-dividend date of this dividend is Thursday, May 16th. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34.

Otis Worldwide has increased its dividend by an average of 29.7% per year over the last three years and has increased its dividend annually for the last 3 consecutive years. Otis Worldwide has a payout ratio of 31.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Otis Worldwide to earn $4.29 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 31.7%.

Otis Worldwide Trading Down 0.2 %

Shares of NYSE OTIS traded down $0.22 during mid-day trading on Thursday, hitting $93.15. The company had a trading volume of 179,114 shares, compared to its average volume of 2,006,932. The company has a market capitalization of $37.65 billion, a PE ratio of 27.54 and a beta of 1.01. The firm has a 50-day simple moving average of $96.41 and a two-hundred day simple moving average of $89.24. Otis Worldwide has a one year low of $73.32 and a one year high of $100.35.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data 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 company had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.44 billion. Otis Worldwide had a negative return on equity of 30.75% and a net margin of 9.90%. Sell-side analysts expect that Otis Worldwide will post 3.87 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Wells Fargo & Company cut their target price on shares of Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, February 1st. UBS Group raised their target price on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, February 16th. Vertical Research downgraded shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. Royal Bank of Canada reiterated an “outperform” rating and issued a $100.00 target price on shares of Otis Worldwide in a research note on Monday, February 5th. Finally, Argus upgraded shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective for the company in a research report on Thursday, February 22nd. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $95.00.

Insider Activity at Otis Worldwide

In related news, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the transaction, the chief executive officer now owns 192,319 shares in the company, valued at $17,660,653.77. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the completion of the sale, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Montlivault Stephane De sold 18,393 shares of the company’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the completion of the sale, the insider now directly owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by insiders.

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.