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

Shares of Otis Worldwide Co. (NYSE:OTIS – Get Rating) have been given an average recommendation of “Hold” by the eleven ratings firms that are presently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, seven have given a hold recommendation and three have given a buy recommendation to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $81.00.

Several equities research analysts have weighed in on the company. Barclays increased their target price on Otis Worldwide from $80.00 to $81.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 2nd. Cowen increased their target price on Otis Worldwide from $90.00 to $95.00 and gave the stock an “outperform” rating in a research report on Thursday, February 2nd. Wells Fargo & Company raised their price target on Otis Worldwide from $76.00 to $82.00 and gave the company an “underweight” rating in a report on Thursday, February 2nd. Finally, Morgan Stanley raised their price target on Otis Worldwide from $84.00 to $89.00 and gave the company an “equal weight” rating in a report on Thursday, February 2nd.

Insider Activity at Otis Worldwide

In related news, EVP Nora E. Lafreniere sold 11,514 shares of the firm’s stock in a transaction dated Friday, February 3rd. The stock was sold at an average price of $83.83, for a total transaction of $965,218.62. Following the completion of the transaction, the executive vice president now owns 6,376 shares of the company’s stock, valued at $534,500.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, EVP Nora E. Lafreniere sold 11,514 shares of the stock in a transaction on Friday, February 3rd. The stock was sold at an average price of $83.83, for a total value of $965,218.62. Following the completion of the transaction, the executive vice president now owns 6,376 shares in the company, valued at approximately $534,500.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Michael Patrick Ryan sold 3,018 shares of the stock in a transaction on Monday, February 6th. The shares were sold at an average price of $84.46, for a total value of $254,900.28. The disclosure for this sale can be found here. Insiders sold 32,777 shares of company stock valued at $2,759,404 over the last 90 days. 0.11% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Otis Worldwide

A number of institutional investors have recently bought and sold shares of the business. Pinnacle Financial Partners Inc. raised its stake in shares of Otis Worldwide by 256.4% during the 3rd quarter. Pinnacle Financial Partners Inc. now owns 417 shares of the company’s stock worth $27,000 after purchasing an additional 300 shares in the last quarter. American National Bank raised its stake in shares of Otis Worldwide by 1,022.6% in the 4th quarter. American National Bank now owns 348 shares of the company’s stock valued at $27,000 after acquiring an additional 317 shares in the last quarter. Northwest Investment Counselors LLC bought a new position in shares of Otis Worldwide in the 4th quarter valued at approximately $31,000. Old North State Trust LLC bought a new position in shares of Otis Worldwide in the 3rd quarter valued at approximately $33,000. Finally, Creative Capital Management Investments LLC bought a new position in shares of Otis Worldwide in the 4th quarter valued at approximately $33,000. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Price Performance

Shares of OTIS opened at $81.51 on Friday. The business’s fifty day moving average price is $83.20 and its 200 day moving average price is $76.55. Otis Worldwide has a 12-month low of $62.49 and a 12-month high of $87.33. The stock has a market capitalization of $33.82 billion, a PE ratio of 27.44 and a beta of 0.93.

Otis Worldwide (NYSE:OTIS – Get Rating) last announced its quarterly earnings data on Wednesday, February 1st. The company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.02. Otis Worldwide had a negative return on equity of 27.69% and a net margin of 9.16%. The firm had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.40 billion. During the same period last year, the business posted $0.72 earnings per share. The firm’s revenue for the quarter was down 3.6% on a year-over-year basis. As a group, research analysts anticipate that Otis Worldwide will post 3.43 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Friday, February 17th were paid a dividend of $0.29 per share. The ex-dividend date of this dividend was Thursday, February 16th. This represents a $1.16 annualized dividend and a yield of 1.42%. Otis Worldwide’s dividend payout ratio is currently 39.06%.

About Otis Worldwide

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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.