Otis Worldwide Co. (NYSE:OTIS) Increases Dividend to $0.29 Per Share

Otis Worldwide Co. (NYSE:OTISGet Rating) declared a quarterly dividend on Friday, April 22nd, Zacks reports. Shareholders of record on Friday, May 20th will be given a dividend of 0.29 per share on Friday, June 10th. This represents a $1.16 annualized dividend and a yield of 1.56%. The ex-dividend date of this dividend is Thursday, May 19th. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.24.

Otis Worldwide has a dividend payout ratio of 31.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Otis Worldwide to earn $3.65 per share next year, which means the company should continue to be able to cover its $1.16 annual dividend with an expected future payout ratio of 31.8%.

OTIS opened at $74.34 on Tuesday. Otis Worldwide has a one year low of $71.07 and a one year high of $92.84. The stock has a market capitalization of $31.43 billion, a P/E ratio of 25.55 and a beta of 0.88. The business’s 50-day simple moving average is $75.30 and its 200-day simple moving average is $80.12.

Otis Worldwide (NYSE:OTISGet Rating) last released its quarterly earnings results on Monday, April 25th. The company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.03. Otis Worldwide had a negative return on equity of 35.81% and a net margin of 8.73%. The firm had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.45 billion. During the same quarter last year, the business posted $0.72 EPS. The firm’s quarterly revenue was up .2% compared to the same quarter last year. As a group, equities research analysts forecast that Otis Worldwide will post 3.25 earnings per share for the current fiscal year.

Several analysts recently commented on the stock. Credit Suisse Group reduced their price target on shares of Otis Worldwide from $88.00 to $81.00 and set a “neutral” rating for the company in a research report on Tuesday, April 26th. Barclays reduced their target price on shares of Otis Worldwide from $88.00 to $80.00 and set an “equal weight” rating for the company in a report on Tuesday, April 26th. Cowen lowered their price target on Otis Worldwide from $91.00 to $85.00 and set an “outperform” rating on the stock in a report on Tuesday, April 26th. Finally, Cowen reduced their price objective on Otis Worldwide from $91.00 to $85.00 and set an “outperform” rating for the company in a research note on Tuesday, April 26th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and a consensus price target of $82.31.

A number of institutional investors and hedge funds have recently made changes to their positions in OTIS. Vanguard Group Inc. lifted its holdings in Otis Worldwide by 2.2% in the first quarter. Vanguard Group Inc. now owns 39,127,186 shares of the company’s stock valued at $3,010,837,000 after acquiring an additional 829,784 shares during the period. Wellington Management Group LLP increased its holdings in shares of Otis Worldwide by 54.3% in the 1st quarter. Wellington Management Group LLP now owns 4,221,665 shares of the company’s stock valued at $324,857,000 after purchasing an additional 1,484,963 shares in the last quarter. Lazard Asset Management LLC lifted its stake in shares of Otis Worldwide by 33.8% in the first quarter. Lazard Asset Management LLC now owns 3,896,561 shares of the company’s stock valued at $299,840,000 after purchasing an additional 984,793 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Otis Worldwide by 66.9% during the first quarter. Goldman Sachs Group Inc. now owns 3,453,735 shares of the company’s stock worth $265,764,000 after buying an additional 1,384,353 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Otis Worldwide by 2.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,040,045 shares of the company’s stock worth $156,982,000 after buying an additional 52,261 shares during the period. 83.32% of the stock is currently owned by institutional investors.

About Otis Worldwide (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.

See Also

Dividend History for Otis Worldwide (NYSE:OTIS)

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