Otis Worldwide Co. (NYSE:OTIS) Receives Average Rating of “Hold” from Analysts

Shares of Otis Worldwide Co. (NYSE:OTIS) have been assigned a consensus rating of “Hold” from the ten analysts that are currently covering the firm, MarketBeat Ratings reports. Eight equities research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $102.71.

A number of equities analysts have issued reports on OTIS shares. Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Wells Fargo & Company boosted their price objective on Otis Worldwide from $95.00 to $108.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Barclays lifted their price target on Otis Worldwide from $90.00 to $96.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Finally, Morgan Stanley initiated coverage on Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective for the company.

Otis Worldwide Price Performance

OTIS opened at $106.01 on Friday. Otis Worldwide has a 12-month low of $73.32 and a 12-month high of $106.33. The stock has a market capitalization of $42.46 billion, a PE ratio of 29.61 and a beta of 1.03. The firm’s fifty day moving average price is $97.42 and its 200 day moving average price is $96.63.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, beating 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 net margin of 10.35% and a negative return on equity of 31.65%. The company’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.92 EPS. On average, equities research analysts forecast that Otis Worldwide will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.47%. The ex-dividend date of this dividend was Friday, August 16th. Otis Worldwide’s dividend payout ratio is presently 43.58%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. V Square Quantitative Management LLC lifted its holdings in shares of Otis Worldwide by 93.5% during the 4th quarter. V Square Quantitative Management LLC now owns 9,617 shares of the company’s stock worth $860,000 after acquiring an additional 4,647 shares during the period. Virtu Financial LLC acquired a new stake in Otis Worldwide during the fourth quarter valued at approximately $1,005,000. Centaurus Financial Inc. grew its stake in shares of Otis Worldwide by 9.7% in the 4th quarter. Centaurus Financial Inc. now owns 3,351 shares of the company’s stock valued at $300,000 after purchasing an additional 297 shares during the period. EP Wealth Advisors LLC raised its holdings in shares of Otis Worldwide by 4.9% in the 4th quarter. EP Wealth Advisors LLC now owns 4,427 shares of the company’s stock worth $396,000 after buying an additional 208 shares in the last quarter. Finally, American International Group Inc. lifted its position in shares of Otis Worldwide by 0.3% during the 4th quarter. American International Group Inc. now owns 109,475 shares of the company’s stock worth $9,795,000 after buying an additional 292 shares during the period. 88.03% of the stock is owned by institutional investors.

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.