Otis Worldwide Corporation (NYSE:OTIS) Given Consensus Recommendation of “Hold” by Analysts

Shares of Otis Worldwide Corporation (NYSE:OTIS) have received an average recommendation of “Hold” from the ten brokerages that are presently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating on the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $101.4444.

OTIS has been the topic of several research analyst reports. JPMorgan Chase & Co. cut Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target on the stock. in a report on Friday, January 30th. Wells Fargo & Company lowered their target price on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a report on Monday, December 15th. Weiss Ratings reissued a “hold (c)” rating on shares of Otis Worldwide in a research report on Monday, December 29th. New Street Research set a $98.00 price target on shares of Otis Worldwide in a research report on Friday, January 30th. Finally, Barclays increased their price objective on shares of Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a research note on Thursday, October 30th.

Insider Buying and Selling

In other Otis Worldwide news, insider Montlivault Stephane De sold 47,944 shares of the business’s stock in a transaction dated Thursday, February 12th. The stock was sold at an average price of $92.25, for a total transaction of $4,422,834.00. Following the completion of the sale, the insider owned 29,176 shares of the company’s stock, valued at approximately $2,691,486. The trade was a 62.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Michael Patrick Ryan sold 1,182 shares of the company’s stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $90.06, for a total value of $106,450.92. Following the completion of the sale, the chief accounting officer owned 3,504 shares of the company’s stock, valued at approximately $315,570.24. The trade was a 25.22% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 158,013 shares of company stock valued at $14,337,635. Company insiders own 0.23% of the company’s stock.

Institutional Investors Weigh In On Otis Worldwide

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in shares of Otis Worldwide by 4.3% in the second quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company’s stock worth $4,811,100,000 after purchasing an additional 1,991,860 shares during the last quarter. Alliancebernstein L.P. increased its stake in Otis Worldwide by 3.2% in the 2nd quarter. Alliancebernstein L.P. now owns 19,378,760 shares of the company’s stock worth $1,918,885,000 after acquiring an additional 603,860 shares during the last quarter. State Street Corp raised its holdings in shares of Otis Worldwide by 0.8% during the 4th quarter. State Street Corp now owns 16,128,197 shares of the company’s stock worth $1,408,798,000 after acquiring an additional 121,207 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Otis Worldwide by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 10,788,225 shares of the company’s stock worth $945,020,000 after acquiring an additional 29,636 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Otis Worldwide during the 4th quarter valued at approximately $770,125,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

OTIS opened at $90.52 on Tuesday. The company’s 50-day simple moving average is $89.26 and its two-hundred day simple moving average is $89.18. The stock has a market capitalization of $35.19 billion, a P/E ratio of 25.86, a P/E/G ratio of 2.79 and a beta of 1.01. Otis Worldwide has a 52-week low of $84.00 and a 52-week high of $106.83.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 earnings per share for the quarter, meeting the consensus estimate of $1.03. The firm had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.88 billion. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The firm’s quarterly revenue was up 3.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.93 earnings per share. Research analysts forecast 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 will be paid on Friday, March 13th. Stockholders of record on Friday, February 13th will be paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Friday, February 13th. Otis Worldwide’s dividend payout ratio (DPR) is currently 48.00%.

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.