Otis Worldwide Co. (NYSE:OTIS) Receives $92.29 Consensus Target Price from Analysts

Otis Worldwide Co. (NYSE:OTIS) has been assigned an average rating of “Hold” from the eight brokerages that are covering the stock, Marketbeat.com reports. Six analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $92.29.

A number of equities research analysts recently commented on OTIS shares. Vertical Research downgraded shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. Argus upgraded shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price target for the company in a research report on Thursday, February 22nd. UBS Group lifted their price target on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, February 16th. Wells Fargo & Company reduced their price target on shares of Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, February 1st. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $100.00 price target on shares of Otis Worldwide in a research report on Monday, February 5th.

Otis Worldwide Stock Down 0.6 %

Shares of NYSE:OTIS opened at $99.27 on Tuesday. The company has a market cap of $40.25 billion, a P/E ratio of 29.28 and a beta of 1.01. Otis Worldwide has a 52 week low of $73.32 and a 52 week high of $100.35. The company has a 50-day moving average price of $93.70 and a 200 day moving average price of $87.04.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, January 31st. The company reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.02. The firm had revenue of $3.62 billion during the quarter, compared to the consensus estimate of $3.57 billion. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. During the same quarter last year, the firm earned $0.75 earnings per share. Analysts expect that Otis Worldwide will post 3.87 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 16th were given a dividend of $0.34 per share. The ex-dividend date was Thursday, February 15th. This represents a $1.36 annualized dividend and a dividend yield of 1.37%. Otis Worldwide’s dividend payout ratio is currently 40.12%.

Insider Buying and Selling

In related news, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the completion of the transaction, the chief executive officer now directly owns 192,319 shares in the company, valued at approximately $17,660,653.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the sale, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the completion of the sale, the insider now directly owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The disclosure for this sale can be found here. Insiders own 0.11% of the company’s stock.

Institutional Trading of Otis Worldwide

Several hedge funds and other institutional investors have recently bought and sold shares of OTIS. D.A. Davidson & CO. lifted its holdings in Otis Worldwide by 1.1% in the 2nd quarter. D.A. Davidson & CO. now owns 11,046 shares of the company’s stock worth $983,000 after buying an additional 119 shares in the last quarter. JB Capital LLC raised its stake in shares of Otis Worldwide by 0.5% in the 4th quarter. JB Capital LLC now owns 26,572 shares of the company’s stock valued at $2,377,000 after purchasing an additional 129 shares in the last quarter. Baystate Wealth Management LLC raised its stake in shares of Otis Worldwide by 16.7% in the 4th quarter. Baystate Wealth Management LLC now owns 964 shares of the company’s stock valued at $86,000 after purchasing an additional 138 shares in the last quarter. Sigma Planning Corp raised its stake in shares of Otis Worldwide by 3.5% in the 3rd quarter. Sigma Planning Corp now owns 4,189 shares of the company’s stock valued at $336,000 after purchasing an additional 141 shares in the last quarter. Finally, Belpointe Asset Management LLC raised its stake in shares of Otis Worldwide by 5.2% in the 1st quarter. Belpointe Asset Management LLC now owns 2,857 shares of the company’s stock valued at $241,000 after purchasing an additional 142 shares in the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

About Otis Worldwide

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of 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.