Otis Worldwide (NYSE:OTIS) Given “Peer Perform” Rating at Wolfe Research

Wolfe Research restated their peer perform rating on shares of Otis Worldwide (NYSE:OTIS) in a research report report published on Wednesday morning, MarketBeat Ratings reports.

A number of other analysts also recently commented on the company. BNP Paribas Exane upgraded Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price on the stock in a research note on Tuesday, December 9th. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a research note on Friday, March 27th. JPMorgan Chase & Co. downgraded Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 target price on the stock. in a research note on Friday, January 30th. Wall Street Zen downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Finally, Barclays lowered their target price on Otis Worldwide from $90.00 to $80.00 and set an “underweight” rating on the stock in a research note on Wednesday, April 1st. Two analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $98.78.

Otis Worldwide Stock Up 2.2%

Shares of OTIS opened at $79.50 on Wednesday. Otis Worldwide has a 52 week low of $75.27 and a 52 week high of $101.42. The company has a market capitalization of $30.90 billion, a price-to-earnings ratio of 22.72, a PEG ratio of 2.34 and a beta of 1.05. The stock’s 50-day moving average price is $85.59 and its 200-day moving average price is $88.13.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, hitting analysts’ consensus estimates of $1.03. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.The firm had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the prior year, the business earned $0.93 earnings per share. The company’s revenue was up 3.3% compared to the same quarter last year. As a group, equities analysts anticipate that Otis Worldwide will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 13th were given a dividend of $0.42 per share. The ex-dividend date was Friday, February 13th. This represents a $1.68 dividend on an annualized basis and a yield of 2.1%. Otis Worldwide’s dividend payout ratio is currently 48.00%.

Insiders Place Their Bets

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 1,182 shares of the stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $90.06, for a total transaction of $106,450.92. Following the transaction, the chief accounting officer owned 3,504 shares in the company, valued at approximately $315,570.24. This represents a 25.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Neil Green sold 6,000 shares of the stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $86.45, for a total value of $518,700.00. Following the transaction, the executive vice president owned 3,773 shares in the company, valued at $326,175.85. This represents a 61.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 158,013 shares of company stock worth $14,337,635. Company insiders own 0.23% of the company’s stock.

Hedge Funds Weigh In On Otis Worldwide

A number of hedge funds have recently bought and sold shares of the business. Root Financial Partners LLC acquired a new position in shares of Otis Worldwide during the third quarter valued at approximately $26,000. Camelot Portfolios LLC acquired a new position in shares of Otis Worldwide during the fourth quarter valued at approximately $26,000. Stance Capital LLC acquired a new position in shares of Otis Worldwide during the third quarter valued at approximately $27,000. Garton & Associates Financial Advisors LLC acquired a new position in shares of Otis Worldwide during the fourth quarter valued at approximately $27,000. Finally, Rakuten Investment Management Inc. acquired a new position in shares of Otis Worldwide during the third quarter valued at approximately $31,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

About Otis Worldwide

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.