Brokerages Set Otis Worldwide Corporation (NYSE:OTIS) Price Target at $103.50

Shares of Otis Worldwide Corporation (NYSE:OTIS) have been given an average rating of “Hold” by the eleven research firms that are currently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, five have issued a hold recommendation, four have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $103.50.

Several equities research analysts recently commented on OTIS shares. Zacks Research upgraded shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 14th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. JPMorgan Chase & Co. boosted their target price on Otis Worldwide from $105.00 to $111.00 and gave the company an “overweight” rating in a report on Wednesday, October 15th. Barclays upped their target price on Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research report on Thursday, October 30th. Finally, BNP Paribas Exane raised Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target on the stock in a research report on Tuesday, December 9th.

Insider Buying and Selling

In related news, CAO Michael Patrick Ryan sold 3,028 shares of the stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $91.69, for a total transaction of $277,637.32. Following the completion of the sale, the chief accounting officer owned 2,628 shares in the company, valued at $240,961.32. This represents a 53.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.23% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Otis Worldwide

A number of institutional investors and hedge funds have recently made changes to their positions in OTIS. Root Financial Partners LLC acquired a new position in Otis Worldwide in the 3rd quarter valued at about $26,000. Stance Capital LLC acquired a new stake in Otis Worldwide during the 3rd quarter worth approximately $27,000. Chilton Capital Management LLC purchased a new position in shares of Otis Worldwide in the 2nd quarter valued at approximately $31,000. Nemes Rush Group LLC increased its holdings in shares of Otis Worldwide by 75.4% in the second quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock valued at $31,000 after purchasing an additional 135 shares during the period. Finally, Rakuten Investment Management Inc. purchased a new stake in shares of Otis Worldwide during the third quarter worth approximately $31,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Stock Performance

Shares of NYSE OTIS opened at $88.39 on Monday. The stock’s 50-day simple moving average is $88.52 and its 200-day simple moving average is $90.38. The firm has a market capitalization of $34.45 billion, a PE ratio of 26.07, a price-to-earnings-growth ratio of 3.18 and a beta of 1.02. Otis Worldwide has a fifty-two week low of $84.25 and a fifty-two week high of $106.83.

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

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 5th. Stockholders of record on Friday, November 14th were issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, November 14th. Otis Worldwide’s payout ratio is presently 49.56%.

About Otis Worldwide

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.