Otis Worldwide Corporation (NYSE:OTIS) Given Consensus Rating of “Reduce” by Analysts

Otis Worldwide Corporation (NYSE:OTIS) has received an average rating of “Reduce” from the seven brokerages that are presently covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and one has assigned a buy recommendation to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $100.71.

Several research analysts have commented on OTIS shares. JPMorgan Chase & Co. raised their target price on shares of Otis Worldwide from $88.00 to $101.00 and gave the stock a “neutral” rating in a report on Friday, May 16th. Barclays dropped their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a research note on Friday, April 25th. Royal Bank Of Canada cut their price objective on Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a research note on Monday, April 28th. Finally, Wells Fargo & Company dropped their target price on shares of Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, April 24th.

Institutional Investors Weigh In On Otis Worldwide

A number of hedge funds have recently modified their holdings of the business. Transce3nd LLC bought a new stake in Otis Worldwide during the 4th quarter worth about $25,000. NBC Securities Inc. bought a new stake in Otis Worldwide in the 1st quarter valued at $25,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Otis Worldwide in the fourth quarter valued at about $28,000. Wayfinding Financial LLC acquired a new position in shares of Otis Worldwide during the 1st quarter worth approximately $31,000. Finally, Cheviot Value Management LLC bought a new position in Otis Worldwide during the 1st quarter worth $31,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Trading Up 0.3%

Shares of NYSE:OTIS opened at $95.64 on Thursday. Otis Worldwide has a 52 week low of $89.70 and a 52 week high of $106.83. The firm has a market capitalization of $37.75 billion, a P/E ratio of 25.10 and a beta of 0.98. The firm’s 50 day moving average is $96.36 and its two-hundred day moving average is $96.90.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.91 by $0.01. The firm had revenue of $3.35 billion for the quarter, compared to analysts’ expectations of $3.41 billion. Otis Worldwide had a negative return on equity of 31.72% and a net margin of 10.83%. The firm’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.88 earnings per share. Analysts predict that Otis Worldwide will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 16th were given a dividend of $0.42 per share. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a dividend yield of 1.76%. The ex-dividend date of this dividend was Friday, May 16th. Otis Worldwide’s payout ratio is presently 44.09%.

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.