Otis Worldwide Co. (NYSE:OTIS) Receives $104.50 Consensus Target Price from Analysts

Otis Worldwide Co. (NYSE:OTIS) has been assigned a consensus recommendation of “Hold” from the ten brokerages that are currently covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and two have given a buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $104.50.

Several equities analysts have weighed in on OTIS shares. Barclays downgraded Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 price target for the company. in a research report on Thursday, December 5th. Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. UBS Group started coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target for the company. Morgan Stanley initiated coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective on the stock. Finally, Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a research note on Thursday, December 12th.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the sale, the executive vice president now directly owns 9,992 shares in the company, valued at $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.23% of the stock is owned by company insiders.

Hedge Funds Weigh In On Otis Worldwide

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Optas LLC lifted its stake in shares of Otis Worldwide by 2.2% during the third quarter. Optas LLC now owns 5,522 shares of the company’s stock worth $574,000 after purchasing an additional 118 shares in the last quarter. Rehmann Capital Advisory Group boosted its holdings in Otis Worldwide by 4.4% in the 3rd quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company’s stock worth $299,000 after acquiring an additional 122 shares during the period. Brighton Jones LLC boosted its holdings in Otis Worldwide by 5.0% in the 2nd quarter. Brighton Jones LLC now owns 2,580 shares of the company’s stock worth $248,000 after acquiring an additional 124 shares during the period. Groupama Asset Managment grew its position in Otis Worldwide by 1.4% in the third quarter. Groupama Asset Managment now owns 9,428 shares of the company’s stock valued at $980,000 after acquiring an additional 132 shares in the last quarter. Finally, Resonant Capital Advisors LLC raised its stake in shares of Otis Worldwide by 4.6% during the second quarter. Resonant Capital Advisors LLC now owns 3,426 shares of the company’s stock valued at $330,000 after purchasing an additional 150 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Trading Down 1.0 %

OTIS stock opened at $92.57 on Thursday. The firm has a 50 day moving average of $99.42 and a 200-day moving average of $97.72. The company has a market cap of $36.98 billion, a price-to-earnings ratio of 23.08 and a beta of 1.04. Otis Worldwide has a 12-month low of $85.42 and a 12-month high of $106.33.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.01). The firm had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The business’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.95 earnings per share. Sell-side analysts forecast that Otis Worldwide will post 3.86 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were issued a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.69%. Otis Worldwide’s payout ratio is 38.90%.

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.