Otis Worldwide Corporation (NYSE:OTIS) Given Average Rating of “Hold” by Analysts

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

OTIS has been the subject of several research analyst reports. Zacks Research upgraded Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. Barclays boosted their price objective on shares of Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research report on Thursday, October 30th. Wells Fargo & Company dropped their target price on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research report on Monday, December 15th. Finally, BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target on the stock in a research report on Tuesday, December 9th.

Insider Buying and Selling

In other Otis Worldwide news, CEO Judith Fran Marks sold 56,107 shares of the firm’s stock in a transaction on Thursday, February 5th. The stock was sold at an average price of $90.89, for a total transaction of $5,099,565.23. Following the completion of the transaction, the chief executive officer owned 231,072 shares of the company’s stock, valued at approximately $21,002,134.08. This trade represents a 19.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Neil Green sold 6,000 shares of the company’s 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 directly owned 3,773 shares in the company, valued at $326,175.85. This represents a 61.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 108,887 shares of company stock valued at $9,808,350. 0.23% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Otis Worldwide

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in shares of Otis Worldwide by 4.3% during the second quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company’s stock valued at $4,811,100,000 after purchasing an additional 1,991,860 shares in the last quarter. Alliancebernstein L.P. grew its stake in shares of Otis Worldwide by 3.2% in the 2nd quarter. Alliancebernstein L.P. now owns 19,378,760 shares of the company’s stock worth $1,918,885,000 after buying an additional 603,860 shares during the last quarter. Geode Capital Management LLC increased its position in Otis Worldwide by 1.2% during the 2nd quarter. Geode Capital Management LLC now owns 10,673,127 shares of the company’s stock valued at $1,057,594,000 after buying an additional 129,458 shares in the last quarter. Franklin Resources Inc. increased its position in Otis Worldwide by 4.5% during the 3rd quarter. Franklin Resources Inc. now owns 7,419,634 shares of the company’s stock valued at $678,377,000 after buying an additional 322,255 shares in the last quarter. Finally, Norges Bank purchased a new position in Otis Worldwide during the second quarter valued at $721,614,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Up 0.9%

Shares of NYSE OTIS opened at $91.20 on Friday. The firm’s fifty day moving average is $88.44 and its 200 day moving average is $89.02. Otis Worldwide has a 52 week low of $84.00 and a 52 week high of $106.83. The company has a market cap of $35.54 billion, a price-to-earnings ratio of 26.06, a PEG ratio of 2.72 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.03. The business had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.88 billion. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The company’s revenue was up 3.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.93 EPS. Equities research analysts anticipate that Otis Worldwide will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Friday, February 13th will be given a $0.42 dividend. The ex-dividend date of this dividend is Friday, February 13th. This represents a $1.68 annualized dividend and a dividend yield of 1.8%. Otis Worldwide’s dividend payout ratio is currently 48.00%.

Otis Worldwide Company Profile

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.