Otis Worldwide (NYSE:OTIS) Upgraded to Outperform at BNP Paribas Exane

BNP Paribas Exane upgraded shares of Otis Worldwide (NYSE:OTIS) from a neutral rating to an outperform rating in a research note released on Tuesday, Marketbeat reports. They currently have $105.00 price target on the stock.

A number of other brokerages have also recently issued reports on OTIS. Wolfe Research set a $109.00 target price on Otis Worldwide and gave the stock an “outperform” rating in a report on Wednesday, October 8th. JPMorgan Chase & Co. boosted their price target on Otis Worldwide from $105.00 to $111.00 and gave the stock an “overweight” rating in a report on Wednesday, October 15th. Barclays raised their price objective on shares of Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a report on Thursday, October 30th. Wells Fargo & Company lifted their target price on shares of Otis Worldwide from $93.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Monday, October 6th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 1st. Four equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $103.88.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $87.13 on Tuesday. Otis Worldwide has a one year low of $84.25 and a one year high of $106.83. The company has a market cap of $33.95 billion, a price-to-earnings ratio of 25.70, a PEG ratio of 3.28 and a beta of 1.01. The firm has a 50 day simple moving average of $89.93 and a 200 day simple moving average of $91.46.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, October 29th. The company reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.05. Otis Worldwide had a net margin of 9.41% and a negative return on equity of 30.67%. The firm had revenue of $3.69 billion for the quarter, compared to analysts’ expectations of $3.65 billion. During the same quarter in the previous year, the firm posted $0.96 earnings per share. The company’s revenue was up 4.0% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. As a group, analysts expect that Otis Worldwide will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 5th. Shareholders of record on Friday, November 14th were given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend was Friday, November 14th. Otis Worldwide’s dividend payout ratio is currently 49.56%.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 3,028 shares of the firm’s stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $91.69, for a total transaction of $277,637.32. Following the completion of the transaction, the chief accounting officer owned 2,628 shares in the company, valued at approximately $240,961.32. This trade represents a 53.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.23% of the company’s stock.

Institutional Trading of Otis Worldwide

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Otis Worldwide by 4.3% during the 2nd quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company’s stock valued at $4,811,100,000 after acquiring an additional 1,991,860 shares during the period. Alliancebernstein L.P. increased its stake in Otis Worldwide by 3.2% in the second quarter. Alliancebernstein L.P. now owns 19,378,760 shares of the company’s stock valued at $1,918,885,000 after purchasing an additional 603,860 shares in the last quarter. Geode Capital Management LLC increased its stake in Otis Worldwide by 1.2% in the second quarter. Geode Capital Management LLC now owns 10,673,127 shares of the company’s stock valued at $1,057,594,000 after purchasing an additional 129,458 shares in the last quarter. Franklin Resources Inc. raised its holdings in shares of Otis Worldwide by 4.5% during the third quarter. Franklin Resources Inc. now owns 7,419,634 shares of the company’s stock valued at $678,377,000 after purchasing an additional 322,255 shares during the period. Finally, Norges Bank acquired a new position in shares of Otis Worldwide during the second quarter valued at about $721,614,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

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.