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

Otis Worldwide Co. (NYSE:OTISGet Rating) has earned a consensus rating of “Hold” from the ten research firms that are presently covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating on the company. The average 12-month target price among brokerages that have covered the stock in the last year is $77.40.

Several analysts have recently commented on the stock. BNP Paribas downgraded shares of Otis Worldwide from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $95.00 to $80.00 in a research report on Tuesday, July 5th. Berenberg Bank decreased their price objective on shares of Otis Worldwide from $88.00 to $80.00 and set a “buy” rating on the stock in a research report on Wednesday, June 22nd. Barclays decreased their price objective on shares of Otis Worldwide from $82.00 to $80.00 and set an “overweight” rating on the stock in a research report on Friday, July 8th. JPMorgan Chase & Co. downgraded shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $100.00 to $62.00 in a research report on Thursday, July 7th. Finally, Exane BNP Paribas downgraded shares of Otis Worldwide from an “outperform” rating to a “neutral” rating and reduced their price target for the company from $95.00 to $80.00 in a report on Tuesday, July 5th.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock opened at $65.45 on Friday. The company’s fifty day simple moving average is $74.68 and its 200-day simple moving average is $74.07. The stock has a market capitalization of $27.50 billion, a PE ratio of 22.49 and a beta of 0.91. Otis Worldwide has a 1-year low of $65.36 and a 1-year high of $88.22.

Otis Worldwide (NYSE:OTISGet Rating) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.08. The business had revenue of $3.49 billion for the quarter, compared to analysts’ expectations of $3.56 billion. Otis Worldwide had a net margin of 8.83% and a negative return on equity of 32.91%. The company’s revenue was down 5.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.79 EPS. As a group, research analysts anticipate that Otis Worldwide will post 3.2 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Saturday, September 10th. Shareholders of record on Friday, August 19th were given a $0.29 dividend. The ex-dividend date was Thursday, August 18th. This represents a $1.16 annualized dividend and a yield of 1.77%. Otis Worldwide’s dividend payout ratio (DPR) is 39.86%.

Insider Transactions at Otis Worldwide

In related news, EVP Nora E. Lafreniere sold 13,576 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 12,376 shares in the company, valued at approximately $947,259.04. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, EVP Nora E. Lafreniere sold 13,576 shares of the company’s stock in a transaction on Friday, July 29th. The shares were sold at an average price of $76.54, for a total value of $1,039,107.04. Following the sale, the executive vice president now directly owns 12,376 shares of the company’s stock, valued at approximately $947,259.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Rahul Ghai sold 2,618 shares of the company’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 completion of the sale, the chief financial officer now directly owns 7,063 shares in the company, valued at $554,798.65. The disclosure for this sale can be found here. Corporate insiders own 0.11% of the company’s stock.

Institutional Investors Weigh In On Otis Worldwide

Hedge funds have recently modified their holdings of the business. NuWave Investment Management LLC purchased a new position in shares of Otis Worldwide in the first quarter valued at approximately $26,000. Truvestments Capital LLC acquired a new position in Otis Worldwide in the 2nd quarter valued at $26,000. LFA Lugano Financial Advisors SA acquired a new position in Otis Worldwide in the 1st quarter valued at $27,000. Intelligent Financial Strategies purchased a new stake in shares of Otis Worldwide during the 4th quarter worth $28,000. Finally, Castle Wealth Management LLC purchased a new stake in shares of Otis Worldwide during the 2nd quarter worth $32,000. 83.16% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Company Profile

(Get Rating)

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.

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Analyst Recommendations for Otis Worldwide (NYSE:OTIS)

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