Otis Worldwide Co. (NYSE:OTIS – Get Rating) was the recipient of unusually large options trading on Monday. Stock investors acquired 2,309 put options on the company. This represents an increase of 87% compared to the typical volume of 1,232 put options.
Analyst Upgrades and Downgrades
A number of research firms have commented on OTIS. Argus cut Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Monday, November 7th. Morgan Stanley began coverage on Otis Worldwide in a research note on Friday, January 6th. They issued an “equal weight” rating and a $84.00 price target for the company. Wells Fargo & Company increased their price target on Otis Worldwide from $71.00 to $76.00 and gave the company an “underweight” rating in a research note on Thursday, January 19th. Barclays cut Otis Worldwide from an “overweight” rating to an “equal weight” rating and set a $80.00 price target for the company. in a research note on Thursday, December 1st. Finally, Credit Suisse Group increased their price target on Otis Worldwide from $73.00 to $76.00 and gave the company a “neutral” rating in a research note on Thursday, October 27th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $78.80.
Hedge Funds Weigh In On Otis Worldwide
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Otis Worldwide by 0.3% in the third quarter. Vanguard Group Inc. now owns 39,694,622 shares of the company’s stock valued at $2,532,517,000 after acquiring an additional 123,746 shares in the last quarter. Fiera Capital Corp lifted its position in Otis Worldwide by 3.6% during the second quarter. Fiera Capital Corp now owns 10,382,608 shares of the company’s stock worth $733,739,000 after buying an additional 357,384 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Otis Worldwide by 9.5% during the second quarter. JPMorgan Chase & Co. now owns 6,283,071 shares of the company’s stock worth $444,028,000 after buying an additional 543,143 shares in the last quarter. Boston Partners lifted its position in Otis Worldwide by 44.3% during the third quarter. Boston Partners now owns 6,150,062 shares of the company’s stock worth $393,646,000 after buying an additional 1,887,275 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position 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 in the last quarter. Hedge funds and other institutional investors own 83.95% of the company’s stock.
Otis Worldwide Stock Up 0.7 %
Otis Worldwide (NYSE:OTIS – Get Rating) last issued its quarterly earnings data on Wednesday, October 26th. The company reported $0.80 EPS for the quarter, beating the consensus estimate of $0.78 by $0.02. Otis Worldwide had a negative return on equity of 30.13% and a net margin of 8.95%. The company had revenue of $3.34 billion for the quarter, compared to analyst estimates of $3.44 billion. Equities analysts expect that Otis Worldwide will post 3.15 EPS for the current year.
Otis Worldwide Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Saturday, December 10th. Stockholders of record on Friday, November 18th were given a $0.29 dividend. The ex-dividend date of this dividend was Thursday, November 17th. This represents a $1.16 annualized dividend and a dividend yield of 1.43%. Otis Worldwide’s dividend payout ratio (DPR) is presently 39.86%.
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.
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