Otis Worldwide Co. (NYSE:OTIS) Given Average Recommendation of “Hold” by Brokerages

Shares of Otis Worldwide Co. (NYSE:OTIS) have been given a consensus rating of “Hold” by the ten brokerages that are covering the firm, Marketbeat.com reports. Eight research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $102.00.

Several equities research analysts recently weighed in on the company. Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Barclays reduced their price target on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Morgan Stanley began coverage on shares of 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. Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. 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.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction that occurred 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 directly owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.23% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Otis Worldwide

Several hedge funds and other institutional investors have recently bought and sold shares of OTIS. Riverview Trust Co bought a new stake in Otis Worldwide in the 3rd quarter valued at about $25,000. Meeder Asset Management Inc. grew its stake in Otis Worldwide by 264.9% in the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after acquiring an additional 196 shares during the period. Northwest Investment Counselors LLC bought a new stake in shares of Otis Worldwide during the third quarter valued at approximately $28,000. Ashton Thomas Securities LLC acquired a new position in shares of Otis Worldwide during the third quarter worth approximately $29,000. Finally, Cranbrook Wealth Management LLC lifted 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 purchasing an additional 250 shares in the last quarter. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Stock Down 1.8 %

NYSE:OTIS opened at $99.73 on Wednesday. Otis Worldwide has a twelve month low of $81.21 and a twelve month high of $106.33. The stock’s 50-day simple moving average is $99.90 and its 200 day simple moving average is $97.14. The firm has a market capitalization of $39.84 billion, a PE ratio of 25.32 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.01). The company had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The company’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period last year, the firm posted $0.95 earnings per share. On average, analysts anticipate that Otis Worldwide will post 3.85 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.56%. The ex-dividend date is Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

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.