Otis Worldwide Corporation (NYSE:OTIS) Receives Consensus Rating of “Hold” from Brokerages

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

Several equities research analysts have recently issued reports on OTIS shares. New Street Research set a $98.00 price objective on Otis Worldwide in a research note on Friday, January 30th. Wells Fargo & Company lowered their price target on 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. BNP Paribas Exane raised shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective for the company in a research note on Tuesday, December 9th. Wall Street Zen cut shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Finally, Barclays raised their target price on shares of Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a report on Thursday, October 30th.

Otis Worldwide Stock Down 2.3%

Shares of NYSE:OTIS opened at $90.52 on Tuesday. The firm has a fifty day simple moving average of $89.26 and a two-hundred day simple moving average of $89.18. The stock has a market capitalization of $35.19 billion, a P/E ratio of 25.86, a PEG ratio of 2.79 and a beta of 1.01. Otis Worldwide has a 52 week low of $84.00 and a 52 week high of $106.83.

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

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 13th will be paid a $0.42 dividend. The ex-dividend date of this dividend is Friday, February 13th. This represents a $1.68 annualized dividend and a yield of 1.9%. Otis Worldwide’s dividend payout ratio (DPR) is presently 48.00%.

Insiders Place Their Bets

In other news, CEO Judith Fran Marks sold 56,107 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer owned 231,072 shares of the company’s stock, valued at approximately $21,002,134.08. This represents a 19.54% decrease in their ownership of the stock. The transaction 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 stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $86.45, for a total value 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. The trade was a 61.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 158,013 shares of company stock worth $14,337,635 over the last three months. 0.23% of the stock is currently owned by corporate insiders.

Institutional Trading of Otis Worldwide

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in shares of Otis Worldwide by 4.3% in the second quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company’s stock worth $4,811,100,000 after purchasing an additional 1,991,860 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in Otis Worldwide by 3.2% during the 2nd quarter. Alliancebernstein L.P. now owns 19,378,760 shares of the company’s stock valued at $1,918,885,000 after buying an additional 603,860 shares in the last quarter. State Street Corp boosted its position in Otis Worldwide by 0.8% in the 4th quarter. State Street Corp now owns 16,128,197 shares of the company’s stock valued at $1,408,798,000 after buying an additional 121,207 shares during the period. Geode Capital Management LLC grew its stake in Otis Worldwide by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 10,788,225 shares of the company’s stock worth $945,020,000 after acquiring an additional 29,636 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Otis Worldwide during the fourth quarter worth approximately $770,125,000. 88.03% of the stock is currently owned by 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.