Otis Worldwide (NYSE:OTIS) Sets New 1-Year High at $100.64

Otis Worldwide Co. (NYSE:OTIS) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $100.64 and last traded at $100.59, with a volume of 757890 shares trading hands. The stock had previously closed at $99.21.

Wall Street Analyst Weigh In

Several research analysts recently commented on OTIS shares. Melius started coverage on shares of Otis Worldwide in a research note on Tuesday, April 2nd. They issued a “hold” rating on the stock. Barclays raised their target price on shares of Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 2nd. UBS Group boosted their price target on Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, February 16th. Argus increased their price objective on Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Finally, Wells Fargo & Company decreased their target price on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a research report on Thursday, April 25th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $97.71.

Otis Worldwide Stock Up 1.3 %

The business’s 50 day moving average is $96.31 and its 200 day moving average is $92.58. The company has a market cap of $40.63 billion, a P/E ratio of 28.75 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, topping the consensus estimate of $0.87 by $0.01. The firm had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.44 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. As a group, equities research analysts forecast that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.55%. The ex-dividend date of this dividend is Thursday, May 16th. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s payout ratio is 45.09%.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of the stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total value of $2,844,803.16. Following the completion of the sale, the executive vice president now directly owns 15,570 shares in the company, valued at $1,458,753.30. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.23% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in Otis Worldwide by 14.8% in the 4th quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock worth $4,095,342,000 after buying an additional 5,913,933 shares during the period. JPMorgan Chase & Co. lifted its position in Otis Worldwide by 47.9% during the third quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock valued at $605,571,000 after purchasing an additional 2,442,203 shares during the period. Norges Bank acquired a new stake in Otis Worldwide during the 4th quarter worth about $628,855,000. Northern Trust Corp grew its position in Otis Worldwide by 3.0% during the 3rd quarter. Northern Trust Corp now owns 4,661,849 shares of the company’s stock worth $374,393,000 after purchasing an additional 135,048 shares during the period. Finally, Grantham Mayo Van Otterloo & Co. LLC raised its stake in shares of Otis Worldwide by 1.7% during the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,448,272 shares of the company’s stock valued at $276,931,000 after buying an additional 59,211 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

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.