Otis Worldwide Co. (NYSE:OTIS) Given Average Recommendation of “Hold” by Brokerages

Shares of Otis Worldwide Co. (NYSE:OTIS) have earned a consensus rating of “Hold” from the eight brokerages that are covering the company, MarketBeat.com reports. Six analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $97.71.

A number of analysts have recently issued reports on OTIS shares. Wells Fargo & Company lowered their price objective on shares of Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a report on Thursday, April 25th. JPMorgan Chase & Co. boosted their price target on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, April 25th. Barclays raised their price objective on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a report on Tuesday, April 2nd. Melius initiated coverage on Otis Worldwide in a report on Tuesday, April 2nd. They set a “hold” rating on the stock. Finally, Argus boosted their price target on Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research report on Monday, May 13th.

Otis Worldwide Stock Performance

Shares of OTIS opened at $97.13 on Friday. The firm’s 50 day moving average price is $96.25 and its two-hundred day moving average price is $93.27. Otis Worldwide has a twelve month low of $73.32 and a twelve month high of $100.84. The firm has a market cap of $39.27 billion, a P/E ratio of 28.07 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.01. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. The company had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.44 billion. On average, sell-side analysts anticipate that Otis Worldwide will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 17th were issued a $0.39 dividend. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. This represents a $1.56 annualized dividend and a dividend yield of 1.61%. The ex-dividend date was Thursday, May 16th. Otis Worldwide’s payout ratio is currently 45.09%.

Insider Transactions at Otis Worldwide

In related news, EVP Peiming Zheng sold 30,364 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total value of $2,844,803.16. Following the transaction, the executive vice president now owns 15,570 shares in the company, valued at approximately $1,458,753.30. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.23% of the stock is currently owned by corporate insiders.

Institutional Trading of Otis Worldwide

Several institutional investors have recently added to or reduced their stakes in the company. Cetera Trust Company N.A bought a new stake in shares of Otis Worldwide in the fourth quarter valued at about $27,000. LifeSteps Financial Inc. bought a new stake in Otis Worldwide in the 1st quarter valued at about $31,000. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Otis Worldwide during the 4th quarter worth approximately $28,000. Orion Capital Management LLC acquired a new stake in shares of Otis Worldwide in the third quarter valued at approximately $30,000. Finally, Pacific Capital Wealth Advisors Inc. bought a new stake in shares of Otis Worldwide in the fourth quarter valued at approximately $35,000. 88.03% of the stock is currently owned by institutional investors.

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.