Otis Worldwide Co. (NYSE:OTIS – Get Rating) has been assigned a consensus recommendation of “Hold” from the ten research firms that are covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $77.40.
Several research analysts have recently weighed in on OTIS shares. Berenberg Bank decreased their price target on Otis Worldwide from $88.00 to $80.00 and set a “buy” rating for the company in a research note on Wednesday, June 22nd. Credit Suisse Group raised their price target on shares of Otis Worldwide from $79.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, July 28th. Cowen decreased their price objective on shares of Otis Worldwide from $91.00 to $85.00 and set an “outperform” rating for the company in a report on Tuesday, April 26th. JPMorgan Chase & Co. cut shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $100.00 to $62.00 in a report on Thursday, July 7th. Finally, Barclays cut their target price on shares of Otis Worldwide from $82.00 to $80.00 and set an “overweight” rating for the company in a research report on Friday, July 8th.
Otis Worldwide Price Performance
Shares of NYSE:OTIS opened at $79.23 on Thursday. The business has a fifty day moving average price of $72.34 and a 200-day moving average price of $75.47. The company has a market capitalization of $33.29 billion, a PE ratio of 27.23 and a beta of 0.88. Otis Worldwide has a 1-year low of $66.97 and a 1-year high of $92.84.
Otis Worldwide Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, September 10th. Stockholders of record on Friday, August 19th will be given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date of this dividend is Thursday, August 18th. Otis Worldwide’s payout ratio is 39.86%.
Insider Transactions at Otis Worldwide
In other Otis Worldwide news, EVP Nora E. Lafreniere sold 13,576 shares of the business’s stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $76.54, for a total transaction of $1,039,107.04. Following the completion of the sale, the executive vice president now owns 12,376 shares of the company’s stock, valued at $947,259.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Rahul Ghai sold 2,618 shares of the firm’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $78.55, for a total transaction of $205,643.90. Following the sale, the chief financial officer now directly owns 7,063 shares in the company, valued at approximately $554,798.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Nora E. Lafreniere sold 13,576 shares of Otis Worldwide stock in a transaction on Friday, July 29th. The shares were sold at an average price of $76.54, for a total transaction of $1,039,107.04. Following the transaction, the executive vice president now owns 12,376 shares in the company, valued at approximately $947,259.04. The disclosure for this sale can be found here. 0.11% of the stock is currently owned by company insiders.
Institutional Trading of Otis Worldwide
Hedge funds have recently modified their holdings of the company. Norges Bank bought a new stake in Otis Worldwide in the fourth quarter worth $335,180,000. Viking Global Investors LP bought a new stake in shares of Otis Worldwide in the 1st quarter worth about $272,262,000. JPMorgan Chase & Co. raised its position in shares of Otis Worldwide by 169.6% during the 4th quarter. JPMorgan Chase & Co. now owns 4,635,029 shares of the company’s stock valued at $403,573,000 after buying an additional 2,916,030 shares in the last quarter. Lazard Asset Management LLC boosted its stake in Otis Worldwide by 2,317.8% during the fourth quarter. Lazard Asset Management LLC now owns 2,911,768 shares of the company’s stock worth $253,527,000 after buying an additional 2,791,340 shares during the period. Finally, Wellington Management Group LLP boosted its stake in Otis Worldwide by 54.3% during the first quarter. Wellington Management Group LLP now owns 4,221,665 shares of the company’s stock worth $324,857,000 after buying an additional 1,484,963 shares during the period. 83.32% of the stock is owned by hedge funds and other institutional investors.
Otis Worldwide Company Profile
Otis Worldwide Corporation manufactures, installs, and services 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.
- Get a free copy of the StockNews.com research report on Otis Worldwide (OTIS)
- There Are Different Types of Stock To Invest In
- Is it Time to Tap Molson Coors or Will Beer Sales Turn Flat?
- PayPal Continues To Struggle As Competition Increases
- Is Starbucks Shooting For The Moon?
- Two High-Yield Deep-Values You Shouldn’t Ignore
Want More Great Investing Ideas?
- Bear Market Game Plan!
- The 10 Best Stocks to Own in 2022
- 7 Stocks to Buy and Hold Forever
- 3 Stocks to DOUBLE This Year
Receive News & Ratings for Otis Worldwide Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Otis Worldwide and related companies with MarketBeat.com's FREE daily email newsletter.