Otis Worldwide (NYSE:OTIS) Now Covered by Evercore

Evercore assumed coverage on shares of Otis Worldwide (NYSE:OTIS) in a research report sent to investors on Monday, Marketbeat Ratings reports. The brokerage issued an outperform rating and a $100.00 price target on the stock.

OTIS has been the subject of a number of other research reports. Wells Fargo & Company lowered their price target on Otis Worldwide from $92.00 to $80.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 1st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a research report on Friday, March 27th. Wall Street Zen lowered Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, April 8th. Finally, JPMorgan Chase & Co. lowered Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target for the company. in a research report on Friday, January 30th. Three research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $98.90.

Otis Worldwide Trading Up 2.1%

NYSE OTIS opened at $81.65 on Monday. Otis Worldwide has a 1-year low of $75.27 and a 1-year high of $101.42. The stock has a 50-day moving average of $85.27 and a 200-day moving average of $87.95. The firm has a market cap of $31.74 billion, a PE ratio of 23.33, a price-to-earnings-growth ratio of 2.44 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.03. The company had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.88 billion. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.Otis Worldwide’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.93 EPS. As a group, equities research analysts forecast that Otis Worldwide will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Friday, February 13th were paid a $0.42 dividend. The ex-dividend date was Friday, February 13th. This represents a $1.68 annualized dividend and a dividend yield of 2.1%. Otis Worldwide’s dividend payout ratio is presently 48.00%.

Insider Buying and Selling

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 1,182 shares of the stock in a transaction 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 sale, the chief accounting officer directly owned 3,504 shares in the company, valued at approximately $315,570.24. This trade represents a 25.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Neil Green sold 6,000 shares of the stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $86.45, for a total value of $518,700.00. Following the sale, the executive vice president owned 3,773 shares in the company, valued at approximately $326,175.85. This represents a 61.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 158,013 shares of company stock worth $14,337,635. 0.23% of the stock is currently owned by corporate insiders.

Institutional Trading of Otis Worldwide

Several institutional investors have recently added to or reduced their stakes in OTIS. Allied Investment Advisors LLC lifted its holdings in shares of Otis Worldwide by 6.0% during the 3rd quarter. Allied Investment Advisors LLC now owns 118,761 shares of the company’s stock valued at $10,858,000 after buying an additional 6,770 shares during the period. CIBC Private Wealth Group LLC lifted its holdings in shares of Otis Worldwide by 54.0% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 2,890,482 shares of the company’s stock valued at $264,277,000 after buying an additional 1,013,876 shares during the period. SG Americas Securities LLC lifted its holdings in shares of Otis Worldwide by 12,345.2% during the 4th quarter. SG Americas Securities LLC now owns 499,177 shares of the company’s stock valued at $43,603,000 after buying an additional 495,166 shares during the period. Pinnacle Financial Partners Inc. lifted its holdings in shares of Otis Worldwide by 19.6% during the 3rd quarter. Pinnacle Financial Partners Inc. now owns 77,492 shares of the company’s stock valued at $7,085,000 after buying an additional 12,721 shares during the period. Finally, Carnegie Investment Counsel lifted its holdings in shares of Otis Worldwide by 19.9% during the 3rd quarter. Carnegie Investment Counsel now owns 234,368 shares of the company’s stock valued at $21,428,000 after buying an additional 38,931 shares during the period. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

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.