Otis Worldwide Co. (NYSE:OTIS) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Otis Worldwide Co. (NYSE:OTIS) have been given a consensus rating of “Hold” by the nine research firms that are currently covering the company, Marketbeat Ratings reports. Seven analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $100.00.

OTIS has been the topic of a number of recent analyst reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday. Morgan Stanley started coverage on Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price on the stock. 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 report on Thursday, July 25th.

Otis Worldwide Price Performance

NYSE OTIS opened at $95.52 on Tuesday. Otis Worldwide has a fifty-two week low of $73.32 and a fifty-two week high of $100.84. The stock’s 50-day moving average is $94.23 and its two-hundred day moving average is $95.92. The firm has a market cap of $38.26 billion, a P/E ratio of 27.61 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $1.03 by $0.03. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The firm’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.92 earnings per share. On average, equities analysts expect that Otis Worldwide will post 3.88 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.63%. The ex-dividend date was Friday, August 16th. Otis Worldwide’s payout ratio is 45.09%.

Institutional Investors Weigh In On Otis Worldwide

A number of institutional investors have recently added to or reduced their stakes in OTIS. Meeder Asset Management Inc. boosted its holdings in shares of Otis Worldwide by 264.9% in the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after acquiring an additional 196 shares in the last quarter. Jamison Private Wealth Management Inc. boosted its holdings in shares of Otis Worldwide by 5,720.0% in the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after acquiring an additional 286 shares in the last quarter. Cranbrook Wealth Management LLC boosted its holdings in shares of Otis Worldwide by 675.7% in the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after acquiring an additional 250 shares in the last quarter. Hantz Financial Services Inc. acquired a new position in shares of Otis Worldwide in the 2nd quarter worth approximately $29,000. Finally, LifeSteps Financial Inc. acquired a new position in shares of Otis Worldwide in the 1st quarter worth approximately $31,000. 88.03% of the stock is owned by institutional investors and hedge funds.

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.