Otis Worldwide Corporation (NYSE:OTIS) Receives Average Recommendation of “Hold” from Analysts

Shares of Otis Worldwide Corporation (NYSE:OTIS) have been given an average rating of “Hold” by the ten analysts that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, six have issued a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $101.4444.

A number of brokerages have recently issued reports on OTIS. New Street Research set a $98.00 price target on shares of Otis Worldwide in a report on Friday, January 30th. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. BNP Paribas Exane upgraded Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target for the company in a research report on Tuesday, December 9th. Wall Street Zen lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Finally, Wells Fargo & Company lowered their price target on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a research report on Monday, December 15th.

Otis Worldwide Trading Up 0.8%

Shares of OTIS opened at $78.59 on Friday. The firm has a market capitalization of $30.55 billion, a PE ratio of 22.45, a P/E/G ratio of 2.35 and a beta of 1.00. The stock’s 50 day moving average is $88.06 and its two-hundred day moving average is $88.93. Otis Worldwide has a twelve month low of $77.74 and a twelve month high of $105.95.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, meeting the consensus estimate of $1.03. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.The business had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same period last year, the firm earned $0.93 EPS. The company’s quarterly revenue was up 3.3% compared to the same quarter last year. On average, sell-side analysts predict that Otis Worldwide will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

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

Insider Buying and Selling

In related news, EVP Neil Green sold 6,000 shares of Otis Worldwide stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $86.45, for a total transaction of $518,700.00. Following the completion of the sale, the executive vice president owned 3,773 shares in the company, valued at approximately $326,175.85. This trade represents a 61.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Michael Patrick Ryan sold 1,182 shares of the business’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $90.06, for a total transaction of $106,450.92. Following the completion of the transaction, the chief accounting officer directly owned 3,504 shares of the company’s stock, valued at approximately $315,570.24. This represents a 25.22% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 158,013 shares of company stock worth $14,337,635 in the last ninety days. 0.23% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Otis Worldwide

Large investors have recently added to or reduced their stakes in the business. Jones Financial Companies Lllp boosted its position in shares of Otis Worldwide by 3.4% in the first quarter. Jones Financial Companies Lllp now owns 9,199 shares of the company’s stock worth $949,000 after acquiring an additional 304 shares during the last quarter. Empowered Funds LLC raised its stake in Otis Worldwide by 10.5% during the first quarter. Empowered Funds LLC now owns 8,988 shares of the company’s stock worth $928,000 after purchasing an additional 857 shares during the period. Acadian Asset Management LLC boosted its holdings in shares of Otis Worldwide by 63.7% in the 1st quarter. Acadian Asset Management LLC now owns 4,045 shares of the company’s stock valued at $417,000 after purchasing an additional 1,574 shares during the last quarter. Avantax Advisory Services Inc. boosted its holdings in shares of Otis Worldwide by 16.6% in the 2nd quarter. Avantax Advisory Services Inc. now owns 22,133 shares of the company’s stock valued at $2,192,000 after purchasing an additional 3,159 shares during the last quarter. Finally, Kingsview Wealth Management LLC grew its position in Otis Worldwide by 14.1% during the second quarter. Kingsview Wealth Management LLC now owns 8,247 shares of the company’s stock valued at $817,000 after acquiring an additional 1,020 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.