Brokerages Set Otis Worldwide Corporation (NYSE:OTIS) PT at $103.88

Shares of Otis Worldwide Corporation (NYSE:OTIS) have been given an average rating of “Hold” by the eleven brokerages that are currently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, five have given a hold recommendation, four have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $103.8750.

OTIS has been the topic of several recent analyst reports. JPMorgan Chase & Co. increased their price target on shares of Otis Worldwide from $105.00 to $111.00 and gave the company an “overweight” rating in a research note on Wednesday, October 15th. Zacks Research raised shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 14th. Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 8th. Wolfe Research set a $109.00 price objective on shares of Otis Worldwide and gave the company an “outperform” rating in a research note on Wednesday, October 8th. Finally, Wall Street Zen raised Otis Worldwide from a “hold” rating to a “buy” rating in a report on Saturday.

Otis Worldwide Price Performance

NYSE:OTIS opened at $88.13 on Thursday. Otis Worldwide has a 12 month low of $84.25 and a 12 month high of $106.83. The firm has a market capitalization of $34.35 billion, a PE ratio of 26.00, a price-to-earnings-growth ratio of 3.36 and a beta of 1.01. The business’s fifty day moving average price is $89.68 and its 200 day moving average price is $91.30.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, October 29th. The company reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.05. Otis Worldwide had a negative return on equity of 30.67% and a net margin of 9.41%.The company had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $3.65 billion. During the same period in the previous year, the business earned $0.96 EPS. Otis Worldwide’s revenue for the quarter was up 4.0% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. As a group, equities analysts anticipate that Otis Worldwide will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 5th. Shareholders of record on Friday, November 14th were given a dividend of $0.42 per share. The ex-dividend date of this dividend was Friday, November 14th. This represents a $1.68 annualized dividend and a yield of 1.9%. Otis Worldwide’s payout ratio is 49.56%.

Insiders Place Their Bets

In other news, CAO Michael Patrick Ryan sold 3,028 shares of the stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $91.69, for a total value of $277,637.32. Following the completion of the sale, the chief accounting officer directly owned 2,628 shares of the company’s stock, valued at approximately $240,961.32. This represents a 53.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.23% of the company’s stock.

Institutional Trading of Otis Worldwide

A number of hedge funds have recently added to or reduced their stakes in OTIS. Townsquare Capital LLC raised its stake in shares of Otis Worldwide by 18.1% during the first quarter. Townsquare Capital LLC now owns 8,298 shares of the company’s stock worth $856,000 after purchasing an additional 1,272 shares during the last quarter. Nuveen LLC acquired a new position in Otis Worldwide in the 1st quarter valued at $91,989,000. Independent Advisor Alliance raised its position in Otis Worldwide by 19.0% during the 1st quarter. Independent Advisor Alliance now owns 4,956 shares of the company’s stock worth $511,000 after buying an additional 793 shares during the last quarter. Public Sector Pension Investment Board lifted its stake in shares of Otis Worldwide by 7.5% in the 1st quarter. Public Sector Pension Investment Board now owns 53,567 shares of the company’s stock worth $5,528,000 after acquiring an additional 3,718 shares during the period. Finally, Resona Asset Management Co. Ltd. boosted its holdings in shares of Otis Worldwide by 6.3% in the first quarter. Resona Asset Management Co. Ltd. now owns 123,833 shares of the company’s stock valued at $12,759,000 after acquiring an additional 7,317 shares in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

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.