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

Otis Worldwide Co. (NYSE:OTIS) has been given an average rating of “Hold” by the eight research firms that are presently covering the firm, MarketBeat reports. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 12 month price target among brokers that have covered the stock in the last year is $96.86.

OTIS has been the topic of several analyst reports. Wells Fargo & Company lowered their target price on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a research report on Thursday. Royal Bank of Canada reiterated an “outperform” rating and set a $100.00 target price on shares of Otis Worldwide in a research report on Monday, February 5th. Barclays lifted their target price on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 2nd. Melius initiated coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating on the stock. Finally, JPMorgan Chase & Co. lifted their target price on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday.

Insider Buying and Selling at Otis Worldwide

In other news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the sale, the insider now directly owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the sale, the insider now directly owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total value of $3,426,360.96. Following the sale, the chief executive officer now directly owns 192,319 shares in the company, valued at $17,660,653.77. The disclosure for this sale can be found here. Insiders own 0.23% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Dynamic Advisor Solutions LLC increased its position in shares of Otis Worldwide by 37.1% in the 3rd quarter. Dynamic Advisor Solutions LLC now owns 3,400 shares of the company’s stock valued at $273,000 after acquiring an additional 920 shares during the period. CWM LLC increased its position in shares of Otis Worldwide by 2.5% in the 3rd quarter. CWM LLC now owns 13,500 shares of the company’s stock valued at $1,084,000 after acquiring an additional 326 shares during the period. AE Wealth Management LLC increased its position in shares of Otis Worldwide by 15.4% in the 3rd quarter. AE Wealth Management LLC now owns 11,078 shares of the company’s stock valued at $890,000 after acquiring an additional 1,476 shares during the period. Ronald Blue Trust Inc. boosted its holdings in Otis Worldwide by 60.3% in the third quarter. Ronald Blue Trust Inc. now owns 853 shares of the company’s stock valued at $76,000 after purchasing an additional 321 shares during the last quarter. Finally, Moody National Bank Trust Division boosted its holdings in Otis Worldwide by 12.2% in the third quarter. Moody National Bank Trust Division now owns 9,450 shares of the company’s stock valued at $759,000 after purchasing an additional 1,030 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

OTIS stock opened at $92.18 on Friday. The company has a market cap of $37.26 billion, a P/E ratio of 26.64 and a beta of 1.01. Otis Worldwide has a 1 year low of $73.32 and a 1 year high of $100.35. The stock’s fifty day moving average price is $96.44 and its 200-day moving average price is $89.35.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.87 by $0.01. The firm had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.44 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. As a group, analysts expect that Otis Worldwide will post 3.87 earnings per share for the current year.

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 17th will be issued a dividend of $0.39 per share. The ex-dividend date of this dividend is Thursday, May 16th. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. This represents a $1.56 dividend on an annualized basis and a yield of 1.69%. Otis Worldwide’s dividend payout ratio (DPR) is currently 39.31%.

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.