Otis Worldwide (NYSE:OTIS) Rating Increased to Strong-Buy at Sanford C. Bernstein

Sanford C. Bernstein upgraded shares of Otis Worldwide (NYSE:OTIS) to a strong-buy rating in a report published on Tuesday morning,Zacks.com reports.

OTIS has been the topic of a number of other reports. Wells Fargo & Company dropped their price objective on shares of Otis Worldwide from $92.00 to $80.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 1st. Weiss Ratings lowered shares of Otis Worldwide from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, May 15th. Royal Bank Of Canada dropped their price objective on shares of Otis Worldwide from $110.00 to $105.00 and set an “outperform” rating on the stock in a report on Thursday, April 23rd. Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Wednesday, April 8th. Finally, Morgan Stanley set a $88.00 price objective on shares of Otis Worldwide in a report on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Otis Worldwide currently has an average rating of “Hold” and an average price target of $97.58.

Otis Worldwide Stock Down 2.2%

Shares of NYSE OTIS opened at $69.69 on Tuesday. The company’s fifty day moving average is $75.31 and its 200-day moving average is $83.34. The stock has a market cap of $26.74 billion, a price-to-earnings ratio of 18.53, a P/E/G ratio of 2.32 and a beta of 0.91. Otis Worldwide has a twelve month low of $69.16 and a twelve month high of $101.42.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, April 22nd. The company reported $0.89 earnings per share for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.02). The firm had revenue of $3.57 billion for the quarter, compared to the consensus estimate of $3.77 billion. Otis Worldwide had a negative return on equity of 29.39% and a net margin of 10.11%.The company’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.92 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. On average, research analysts anticipate that Otis Worldwide will post 4.2 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Friday, May 15th will be paid a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 2.5%. The ex-dividend date is Friday, May 15th. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.42. Otis Worldwide’s dividend payout ratio (DPR) is presently 46.81%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of OTIS. Jones Financial Companies Lllp increased its stake in shares of Otis Worldwide by 3.4% during the 1st quarter. Jones Financial Companies Lllp now owns 9,199 shares of the company’s stock worth $949,000 after purchasing an additional 304 shares during the last quarter. Empowered Funds LLC increased its stake in shares of Otis Worldwide by 10.5% during the 1st quarter. Empowered Funds LLC now owns 8,988 shares of the company’s stock worth $928,000 after purchasing an additional 857 shares during the last quarter. Acadian Asset Management LLC increased its stake in shares of Otis Worldwide by 63.7% during the 1st quarter. Acadian Asset Management LLC now owns 4,045 shares of the company’s stock worth $417,000 after purchasing an additional 1,574 shares during the last quarter. Baird Financial Group Inc. increased its stake in shares of Otis Worldwide by 7.1% during the 2nd quarter. Baird Financial Group Inc. now owns 32,245 shares of the company’s stock worth $3,193,000 after purchasing an additional 2,132 shares during the last quarter. Finally, NewEdge Advisors LLC increased its stake in shares of Otis Worldwide by 13.3% during the 2nd quarter. NewEdge Advisors LLC now owns 10,222 shares of the company’s stock worth $1,012,000 after purchasing an additional 1,196 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

About Otis Worldwide

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.