Otis Worldwide (NYSE:OTIS) Earns Neutral Rating from Analysts at UBS Group

UBS Group started coverage on shares of Otis Worldwide (NYSE:OTIS) in a research note released on Wednesday morning, Marketbeat Ratings reports. The firm issued a neutral rating and a $113.00 price target on the stock.

Several other research firms have also recently commented on OTIS. Barclays decreased their target price on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Morgan Stanley assumed coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a research note on Thursday, September 19th. Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Finally, Wells Fargo & Company decreased their price objective on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Eight equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $104.57.

Otis Worldwide Trading Down 0.2 %

NYSE:OTIS opened at $99.10 on Wednesday. Otis Worldwide has a 1-year low of $83.21 and a 1-year high of $106.33. The stock has a market cap of $39.59 billion, a P/E ratio of 24.71 and a beta of 1.04. The stock’s 50-day moving average is $100.41 and its 200-day moving average is $97.27.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The company had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same quarter last year, the firm posted $0.95 EPS. The company’s quarterly revenue was up .7% on a year-over-year basis. As a group, equities analysts forecast that Otis Worldwide will post 3.85 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s dividend payout ratio is 38.90%.

Insider Activity

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.23% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Otis Worldwide

Several large investors have recently made changes to their positions in OTIS. Empowered Funds LLC grew its stake in Otis Worldwide by 43.6% in the 1st quarter. Empowered Funds LLC now owns 6,205 shares of the company’s stock valued at $616,000 after buying an additional 1,884 shares in the last quarter. ProShare Advisors LLC raised its stake in shares of Otis Worldwide by 15.3% during the first quarter. ProShare Advisors LLC now owns 67,586 shares of the company’s stock worth $6,709,000 after acquiring an additional 8,969 shares in the last quarter. Bleakley Financial Group LLC raised its position in Otis Worldwide by 1.2% in the 1st quarter. Bleakley Financial Group LLC now owns 9,726 shares of the company’s stock worth $965,000 after purchasing an additional 117 shares during the period. State Board of Administration of Florida Retirement System lifted its stake in Otis Worldwide by 1.0% in the first quarter. State Board of Administration of Florida Retirement System now owns 477,478 shares of the company’s stock worth $47,399,000 after purchasing an additional 4,558 shares during the last quarter. Finally, First Eagle Investment Management LLC boosted its position in Otis Worldwide by 173.7% during the first quarter. First Eagle Investment Management LLC now owns 20,048 shares of the company’s stock valued at $1,990,000 after buying an additional 12,722 shares during the period. 88.03% of the stock is owned by hedge funds and other 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.