Otis Worldwide (NYSE:OTIS) Upgraded to Strong-Buy at BNP Paribas

BNP Paribas upgraded shares of Otis Worldwide (NYSE:OTIS) from a hold rating to a strong-buy rating in a research note issued to investors on Tuesday morning,Zacks.com reports.

A number of other brokerages have also issued reports on OTIS. BNP Paribas Exane raised shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective for the company in a report on Tuesday. Wolfe Research set a $109.00 price objective on Otis Worldwide and gave the company an “outperform” rating in a report on Wednesday, October 8th. Barclays raised their target price on Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a research note on Thursday, October 30th. Wells Fargo & Company raised their price objective on Otis Worldwide from $93.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Monday, October 6th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a report on Monday. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $103.88.

Otis Worldwide Stock Performance

NYSE OTIS opened at $87.35 on Tuesday. Otis Worldwide has a one year low of $84.25 and a one year high of $106.83. The business has a fifty day moving average price of $89.93 and a 200 day moving average price of $91.46. The company has a market cap of $34.04 billion, a P/E ratio of 25.78, a P/E/G ratio of 3.28 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, October 29th. The company reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.05. The firm had revenue of $3.69 billion for the quarter, compared to analyst estimates of $3.65 billion. Otis Worldwide had a net margin of 9.41% and a negative return on equity of 30.67%. Otis Worldwide’s quarterly revenue was up 4.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.96 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. As a group, sell-side analysts predict that Otis Worldwide will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 5th. Investors of record on Friday, November 14th were issued a $0.42 dividend. The ex-dividend date was Friday, November 14th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. Otis Worldwide’s payout ratio is 49.56%.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 3,028 shares of the stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $91.69, for a total transaction of $277,637.32. Following the sale, the chief accounting officer directly owned 2,628 shares in the company, valued at $240,961.32. This represents a 53.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.23% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Root Financial Partners LLC purchased a new position in shares of Otis Worldwide in the 3rd quarter valued at about $26,000. Stance Capital LLC acquired a new stake in shares of Otis Worldwide in the 3rd quarter valued at $27,000. Chilton Capital Management LLC acquired a new stake in shares of Otis Worldwide in the 2nd quarter valued at $31,000. Nemes Rush Group LLC lifted its position in shares of Otis Worldwide by 75.4% during the 2nd quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock worth $31,000 after purchasing an additional 135 shares during the last quarter. Finally, Rakuten Investment Management Inc. acquired a new position in shares of Otis Worldwide during the third quarter worth $31,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Company Profile

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.