Otis Worldwide Co. (NYSE:OTIS) Announces Dividend Increase - $0.39 Per Share

Otis Worldwide Co. (NYSE:OTIS - Get Free Report) declared a quarterly dividend on Tuesday, April 23rd, Zacks reports. Investors of record on Friday, May 17th will be paid a dividend of 0.39 per share on Friday, June 7th. This represents a $1.56 annualized dividend and a yield of 1.68%. The ex-dividend date of this dividend is Thursday, May 16th. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.34.

Otis Worldwide has increased its dividend by an average of 29.7% annually over the last three years and has raised its dividend every year for the last 3 years. Otis Worldwide has a dividend payout ratio of 31.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect Otis Worldwide to earn $4.29 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 31.7%.

Otis Worldwide Stock Performance

OTIS stock traded down $0.35 during midday trading on Thursday, hitting $93.02. 2,218,997 shares of the stock were exchanged, compared to its average volume of 2,033,041. The stock's 50-day moving average price is $96.42 and its 200-day moving average price is $89.27. The stock has a market cap of $37.60 billion, a price-to-earnings ratio of 27.44 and a beta of 1.01. Otis Worldwide has a fifty-two week low of $73.32 and a fifty-two week high of $100.35.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.01. The firm had revenue of $3.44 billion during the quarter, compared to analysts' expectations of $3.44 billion. Otis Worldwide had a negative return on equity of 30.75% and a net margin of 9.90%. Research analysts anticipate that Otis Worldwide will post 3.87 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Barclays lifted their price objective on Otis Worldwide from $85.00 to $90.00 and gave the stock an "equal weight" rating in a report on Tuesday, April 2nd. Vertical Research cut Otis Worldwide from a "buy" rating to a "hold" rating in a report on Tuesday, January 2nd. Royal Bank of Canada reissued an "outperform" rating and issued a $100.00 price target on shares of Otis Worldwide in a report on Monday, February 5th. UBS Group boosted their price target on Otis Worldwide from $87.00 to $95.00 and gave the stock a "neutral" rating in a report on Friday, February 16th. Finally, Argus raised Otis Worldwide from a "hold" rating to a "buy" rating and set a $102.00 price target for the company in a report on Thursday, February 22nd. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $96.86.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the business's stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the completion of the sale, the insider now owns 67,274 shares of the company's stock, valued at $6,128,661.40. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CEO Judith Fran Marks sold 37,312 shares of the company's stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the sale, the chief executive officer now owns 192,319 shares of the company's stock, valued at $17,660,653.77. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Montlivault Stephane De sold 18,393 shares of the company's stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the sale, the insider now directly owns 67,274 shares of the company's stock, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. 0.23% of the stock is owned by company insiders.

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.