Analysts Set Otis Worldwide Co. (NYSE:OTIS) PT at $95.00

Shares of Otis Worldwide Co. (NYSE:OTIS) have received a consensus recommendation of “Hold” from the seven ratings firms that are presently covering the company, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 12 month target price among analysts that have covered the stock in the last year is $95.00.

OTIS has been the topic of a number of recent research reports. Argus raised shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective on the stock in a research note on Thursday, February 22nd. Melius began coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating on the stock. Wells Fargo & Company dropped their price target on shares of Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 1st. Barclays raised their price target on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 2nd. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $100.00 price target on shares of Otis Worldwide in a research report on Monday, February 5th.

Insider Transactions at Otis Worldwide

In other news, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide stock in a transaction dated 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 transaction, the chief executive officer now owns 192,319 shares in the company, valued at $17,660,653.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Judith Fran Marks sold 37,312 shares of the firm’s 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 transaction, the chief executive officer now directly owns 192,319 shares in the company, valued at $17,660,653.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the completion of the transaction, the insider now owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The disclosure for this sale can be found here. Corporate insiders own 0.23% of the company’s stock.

Hedge Funds Weigh In On Otis Worldwide

A number of large investors have recently modified their holdings of the company. Raymond James Financial Services Advisors Inc. lifted its position in Otis Worldwide by 5.8% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 66,083 shares of the company’s stock valued at $6,560,000 after purchasing an additional 3,621 shares during the last quarter. PFG Investments LLC bought a new stake in Otis Worldwide during the first quarter valued at approximately $338,000. IFM Investors Pty Ltd lifted its position in Otis Worldwide by 1.0% during the first quarter. IFM Investors Pty Ltd now owns 83,700 shares of the company’s stock valued at $8,309,000 after purchasing an additional 818 shares during the last quarter. FORVIS Wealth Advisors LLC lifted its position in Otis Worldwide by 94.9% during the first quarter. FORVIS Wealth Advisors LLC now owns 18,026 shares of the company’s stock valued at $1,789,000 after purchasing an additional 8,779 shares during the last quarter. Finally, First Trust Direct Indexing L.P. lifted its position in Otis Worldwide by 15.6% during the first quarter. First Trust Direct Indexing L.P. now owns 10,530 shares of the company’s stock valued at $1,045,000 after purchasing an additional 1,422 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Price Performance

OTIS stock opened at $96.29 on Friday. The company has a 50 day simple moving average of $96.21 and a 200 day simple moving average of $89.09. The stock has a market cap of $38.92 billion, a price-to-earnings ratio of 28.40 and a beta of 1.01. Otis Worldwide has a 1 year low of $73.32 and a 1 year high of $100.35.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, January 31st. The company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.02. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. The business had revenue of $3.62 billion for the quarter, compared to analyst estimates of $3.57 billion. During the same period in the prior year, the firm earned $0.75 earnings per share. On average, equities research analysts anticipate that Otis Worldwide will post 3.87 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 16th were paid a $0.34 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $1.36 annualized dividend and a dividend yield of 1.41%. Otis Worldwide’s payout ratio is 40.12%.

Otis Worldwide Company Profile

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.