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

Shares of Otis Worldwide Co. (NYSE:OTIS) have been assigned an average rating of “Hold” from the eight research firms that are currently covering the firm, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $98.83.

Several research firms recently issued reports on OTIS. Argus increased their target price on Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. JPMorgan Chase & Co. increased their target price on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, April 25th. Finally, Wells Fargo & Company decreased their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 25th.

Insider Activity

In related news, EVP Peiming Zheng sold 30,364 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total transaction 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.23% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in OTIS. Norges Bank purchased a new position in Otis Worldwide during the 4th quarter worth approximately $628,855,000. Vanguard Group Inc. lifted its position in Otis Worldwide by 14.8% during the 4th quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock worth $4,095,342,000 after acquiring an additional 5,913,933 shares during the period. PineStone Asset Management Inc. lifted its position in Otis Worldwide by 138.3% during the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock worth $429,717,000 after acquiring an additional 2,590,780 shares during the period. Sarasin & Partners LLP lifted its position in Otis Worldwide by 27.2% during the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock worth $398,061,000 after acquiring an additional 883,659 shares during the period. Finally, Putnam Investments LLC lifted its position in Otis Worldwide by 20.1% during the 4th quarter. Putnam Investments LLC now owns 2,409,345 shares of the company’s stock worth $215,564,000 after acquiring an additional 403,215 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Down 0.0 %

Shares of Otis Worldwide stock opened at $94.29 on Monday. Otis Worldwide has a 52 week low of $73.32 and a 52 week high of $100.84. The business’s fifty day simple moving average is $96.82 and its 200-day simple moving average is $95.41. The firm has a market cap of $38.12 billion, a PE ratio of 27.25 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.03. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.74 billion. During the same quarter in the prior year, the company earned $0.92 EPS. Otis Worldwide’s revenue was down 3.2% on a year-over-year basis. As a group, equities analysts expect that Otis Worldwide will post 3.87 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Friday, August 16th will be issued a $0.39 dividend. The ex-dividend date is Friday, August 16th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.65%. Otis Worldwide’s payout ratio is currently 45.09%.

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.