Otis Worldwide Co. (NYSE:OTIS) Receives $104.50 Consensus Price Target from Analysts

Shares of Otis Worldwide Co. (NYSE:OTIS) have received a consensus recommendation of “Hold” from the nine ratings firms that are presently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $104.50.

A number of research firms recently issued reports on OTIS. UBS Group initiated coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price for the company. Morgan Stanley began coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective for the company. Wolfe Research lowered 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. Wells Fargo & Company lowered their price target on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Finally, Barclays downgraded Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 price objective on the stock. in a report on Thursday, December 5th.

Insider Activity at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the sale, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. This trade represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.23% of the company’s stock.

Institutional Investors Weigh In On Otis Worldwide

Large investors have recently added to or reduced their stakes in the company. Riverview Trust Co acquired a new stake in shares of Otis Worldwide during the third quarter valued at about $25,000. Meeder Asset Management Inc. grew its stake in Otis Worldwide by 264.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after purchasing an additional 196 shares in the last quarter. Cranbrook Wealth Management LLC increased its holdings in Otis Worldwide by 675.7% during the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after purchasing an additional 250 shares during the last quarter. Northwest Investment Counselors LLC acquired a new position in shares of Otis Worldwide in the 3rd quarter valued at approximately $28,000. Finally, Hantz Financial Services Inc. purchased a new position in shares of Otis Worldwide during the 2nd quarter valued at approximately $29,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Stock Up 0.0 %

Shares of Otis Worldwide stock opened at $92.61 on Thursday. The firm has a market cap of $36.99 billion, a PE ratio of 23.09 and a beta of 1.04. Otis Worldwide has a fifty-two week low of $85.42 and a fifty-two week high of $106.33. The business’s fifty day moving average is $98.95 and its two-hundred day moving average is $97.65.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.01). The business had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The business’s quarterly revenue was up .7% compared to the same quarter last year. During the same quarter last year, the company posted $0.95 earnings per share. Equities research analysts anticipate that Otis Worldwide will post 3.86 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were paid a $0.39 dividend. The ex-dividend date was Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.68%. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.90%.

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.