Otis Worldwide Co. (OTIS) To Go Ex-Dividend on May 16th

Otis Worldwide Co. (NYSE:OTIS) announced a quarterly dividend on Tuesday, April 23rd, Zacks reports. Stockholders of record on Friday, May 17th will be given a dividend of 0.39 per share on Friday, June 7th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.67%. The ex-dividend date of this dividend is Thursday, May 16th. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34.

Otis Worldwide has raised its dividend payment by an average of 29.7% annually over the last three years and has raised its dividend every year for the last 3 years. Otis Worldwide has a payout ratio of 31.8% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Otis Worldwide to earn $4.29 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 31.7%.

Otis Worldwide Stock Performance

Shares of OTIS stock traded down $0.05 on Thursday, reaching $93.32. 395,062 shares of the company’s stock traded hands, compared to its average volume of 2,008,874. The company has a market capitalization of $37.72 billion, a P/E ratio of 27.54 and a beta of 1.01. Otis Worldwide has a 12-month low of $73.32 and a 12-month high of $100.35. The business’s 50 day moving average price is $96.41 and its two-hundred day moving average price is $89.24.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.01. The company had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.44 billion. Otis Worldwide had a negative return on equity of 30.75% and a net margin of 9.90%. Research analysts predict that Otis Worldwide will post 3.87 earnings per share for the current year.

Wall Street Analyst Weigh In

OTIS has been the subject of a number of research reports. Wells Fargo & Company decreased their target price on shares of Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, February 1st. Barclays upped their target price on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 2nd. Royal Bank of Canada reiterated an “outperform” rating and set a $100.00 price target on shares of Otis Worldwide in a report on Monday, February 5th. Argus upgraded Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective on the stock in a report on Thursday, February 22nd. Finally, UBS Group lifted their target price on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, February 16th. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $95.00.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the business’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the completion of the transaction, the insider now owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the transaction, the chief executive officer now owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Montlivault Stephane De sold 18,393 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the transaction, the insider now owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The disclosure for this sale can be found here. 0.23% of the stock is owned by corporate insiders.

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.