Otis Worldwide (NYSE:OTIS) Cut to Underperform at Wolfe Research

Wolfe Research lowered shares of Otis Worldwide (NYSE:OTIS) from a peer perform rating to an underperform rating in a research report report published on Thursday morning, Marketbeat.com reports. They currently have $104.00 price target on the stock.

A number of other research analysts have also recently issued reports on the company. Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. Wells Fargo & Company decreased their target price on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Barclays cut Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 target price for the company. in a research note on Thursday, December 5th. UBS Group assumed coverage on Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price for the company. Finally, Morgan Stanley assumed coverage on Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price for the company. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $104.50.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $98.28 on Thursday. The firm’s 50 day simple moving average is $101.54 and its 200 day simple moving average is $97.97. Otis Worldwide has a fifty-two week low of $85.42 and a fifty-two week high of $106.33. The company has a market capitalization of $39.26 billion, a price-to-earnings ratio of 24.51 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.01). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same quarter last year, the business posted $0.95 earnings per share. The company’s revenue for the quarter was up .7% on a year-over-year basis. Equities research analysts expect that Otis Worldwide will post 3.86 earnings per share for the current year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 1.59%. Otis Worldwide’s dividend payout ratio is currently 38.90%.

Insider Transactions at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the transaction, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.23% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Geode Capital Management LLC boosted its position in Otis Worldwide by 1.4% during the third quarter. Geode Capital Management LLC now owns 11,031,700 shares of the company’s stock valued at $1,146,045,000 after purchasing an additional 152,072 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in Otis Worldwide by 12.4% during the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock valued at $793,945,000 after purchasing an additional 907,972 shares during the last quarter. Franklin Resources Inc. raised its stake in Otis Worldwide by 58.3% in the third quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock valued at $774,863,000 after buying an additional 2,706,871 shares during the period. Sarasin & Partners LLP raised its stake in Otis Worldwide by 27.2% in the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock valued at $398,061,000 after buying an additional 883,659 shares during the period. Finally, Wellington Management Group LLP raised its stake in Otis Worldwide by 11.9% in the third quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company’s stock valued at $382,546,000 after buying an additional 391,206 shares during the period. 88.03% of the stock is owned by institutional investors and hedge funds.

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.