Otis Worldwide Co. (NYSE:OTIS) Receives Average Recommendation of "Hold" from Brokerages

Otis Worldwide Co. (NYSE:OTIS - Get Free Report) has earned a consensus recommendation of "Hold" from the eight ratings firms that are currently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating on the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $100.00.

A number of analysts have weighed in on OTIS shares. Wells Fargo & Company decreased their price objective on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating for the company in a research report on Thursday, April 24th. Barclays cut their price objective on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research report on Friday, April 25th. JPMorgan Chase & Co. lowered their target price on shares of Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating on the stock in a report on Tuesday, April 8th. Finally, Royal Bank of Canada cut their price target on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a report on Monday.

Otis Worldwide Stock Performance

Shares of OTIS stock traded up $0.97 during mid-day trading on Wednesday, hitting $97.36. 2,397,397 shares of the stock were exchanged, compared to its average volume of 2,242,926. Otis Worldwide has a 12-month low of $89.70 and a 12-month high of $106.83. The stock has a market capitalization of $38.52 billion, a price-to-earnings ratio of 23.98 and a beta of 1.00. The stock's fifty day simple moving average is $98.80 and its two-hundred day simple moving average is $98.07.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.01. The business had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.41 billion. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. The company's revenue was down 2.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.88 earnings per share. On average, research analysts expect that Otis Worldwide will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 16th will be paid a dividend of $0.42 per share. This is a boost from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date is Friday, May 16th. Otis Worldwide's payout ratio is currently 44.09%.

Otis Worldwide announced that its Board of Directors has authorized a share buyback plan on Thursday, January 16th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to repurchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's management believes its shares are undervalued.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of the firm's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the sale, the insider now owns 63,931 shares of the company's stock, valued at $6,731,934.30. This trade represents a 9.43 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Judith Fran Marks sold 38,012 shares of the firm's stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the completion of the sale, the chief executive officer now owns 245,883 shares in the company, valued at approximately $23,213,814.03. The trade was a 13.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 79,587 shares of company stock valued at $7,627,564 in the last quarter. Insiders own 0.23% of the company's stock.

Institutional Trading of Otis Worldwide

A number of large investors have recently bought and sold shares of OTIS. Resonant Capital Advisors LLC increased its position in Otis Worldwide by 3.1% in the fourth quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company's stock worth $320,000 after purchasing an additional 105 shares during the period. Coldstream Capital Management Inc. raised its holdings in shares of Otis Worldwide by 4.2% in the fourth quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company's stock valued at $249,000 after purchasing an additional 109 shares during the last quarter. Montis Financial LLC increased its position in shares of Otis Worldwide by 5.2% during the 4th quarter. Montis Financial LLC now owns 2,216 shares of the company's stock worth $205,000 after purchasing an additional 110 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. lifted its stake in Otis Worldwide by 15.3% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 828 shares of the company's stock valued at $85,000 after purchasing an additional 110 shares during the last quarter. Finally, AlTi Global Inc. raised its position in shares of Otis Worldwide by 4.9% in the fourth quarter. AlTi Global Inc. now owns 2,404 shares of the company's stock valued at $223,000 after purchasing an additional 113 shares during the period. 88.03% of the stock is currently owned by institutional investors.

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.