Otis Worldwide Corporation (NYSE:OTIS) Given Average Rating of “Hold” by Analysts

Otis Worldwide Corporation (NYSE:OTIS) has been assigned an average recommendation of “Hold” from the ten brokerages that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $101.4444.

Several equities research analysts recently issued reports on the stock. BNP Paribas Exane upgraded shares of 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. New Street Research set a $98.00 price target on Otis Worldwide in a report on Friday, January 30th. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a research report on Monday, December 29th. Wall Street Zen lowered Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Finally, Wolfe Research reiterated an “outperform” rating on shares of Otis Worldwide in a research report on Monday.

Otis Worldwide Stock Performance

Shares of NYSE OTIS opened at $79.49 on Friday. The company has a market cap of $30.90 billion, a PE ratio of 22.71, a P/E/G ratio of 2.41 and a beta of 1.00. The firm’s 50 day moving average price is $88.73 and its 200-day moving average price is $89.07. Otis Worldwide has a 52-week low of $78.25 and a 52-week high of $105.95.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.03. The business had revenue of $3.80 billion for 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 business’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.93 EPS. On average, 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 announced a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 13th were issued a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, February 13th. Otis Worldwide’s payout ratio is 48.00%.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 1,182 shares of Otis Worldwide stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $90.06, for a total value of $106,450.92. Following the sale, the chief accounting officer owned 3,504 shares of the company’s stock, valued at $315,570.24. The trade was a 25.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Neil Green sold 6,000 shares of the company’s 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 sale, the executive vice president directly owned 3,773 shares in the company, valued at $326,175.85. This trade represents a 61.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 158,013 shares of company stock worth $14,337,635. 0.23% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Otis Worldwide

Institutional investors and hedge funds have recently made changes to their positions in the business. Oakworth Capital Inc. boosted its holdings in shares of Otis Worldwide by 49.1% in the 3rd quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock worth $31,000 after purchasing an additional 113 shares during the period. Cookson Peirce & Co. Inc. lifted its position in Otis Worldwide by 1.8% in the third quarter. Cookson Peirce & Co. Inc. now owns 6,615 shares of the company’s stock worth $605,000 after buying an additional 115 shares during the last quarter. OLD National Bancorp IN boosted its stake in Otis Worldwide by 5.5% during the third quarter. OLD National Bancorp IN now owns 2,245 shares of the company’s stock worth $205,000 after buying an additional 118 shares during the period. PKS Advisory Services LLC boosted its stake in Otis Worldwide by 4.9% during the second quarter. PKS Advisory Services LLC now owns 2,575 shares of the company’s stock worth $255,000 after buying an additional 121 shares during the period. Finally, Smartleaf Asset Management LLC increased its position in Otis Worldwide by 5.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,295 shares of the company’s stock valued at $202,000 after acquiring an additional 123 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Company Profile

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.