Brokerages Set Otis Worldwide Co. (NYSE:OTIS) PT at $100.71

Shares of Otis Worldwide Co. (NYSE:OTIS - Get Free Report) have been assigned an average recommendation of "Reduce" from the seven research firms that are currently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $100.71.

Several research firms have recently issued reports on OTIS. Barclays lowered their price objective on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research note on Friday, April 25th. Royal Bank of Canada decreased their price target on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a research note on Monday, April 28th. JPMorgan Chase & Co. raised their price target on Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Finally, Wells Fargo & Company decreased their price target on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating for the company in a research note on Thursday, April 24th.

Insiders Place Their Bets

In other news, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction 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 transaction, the insider now directly owns 63,931 shares in the company, valued at approximately $6,731,934.30. This trade represents a 9.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.23% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Silicon Valley Capital Partners purchased a new position in Otis Worldwide during the 1st quarter worth $232,000. Acadian Asset Management LLC grew its stake in Otis Worldwide by 63.7% during the 1st quarter. Acadian Asset Management LLC now owns 4,045 shares of the company's stock worth $417,000 after buying an additional 1,574 shares during the last quarter. Geneos Wealth Management Inc. grew its stake in Otis Worldwide by 26.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,514 shares of the company's stock worth $156,000 after buying an additional 314 shares during the last quarter. Belpointe Asset Management LLC purchased a new position in Otis Worldwide during the 1st quarter worth $599,000. Finally, Fortis Capital Advisors LLC purchased a new position in Otis Worldwide during the 1st quarter worth $599,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Stock Up 0.1%

NYSE OTIS traded up $0.08 during trading on Friday, hitting $95.24. 88,175 shares of the stock traded hands, compared to its average volume of 2,323,100. The company has a market capitalization of $37.59 billion, a P/E ratio of 23.44 and a beta of 1.01. The firm has a 50-day simple moving average of $97.39 and a 200-day simple moving average of $97.47. Otis Worldwide has a 12-month low of $89.70 and a 12-month high of $106.83.

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 (EPS) 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 analyst estimates 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 for the quarter was down 2.5% on a year-over-year basis. During the same period last year, the company earned $0.88 EPS. As a group, research analysts predict that Otis Worldwide will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 16th will be issued a dividend of $0.42 per share. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a yield of 1.76%. The ex-dividend date of this dividend is Friday, May 16th. Otis Worldwide's dividend payout ratio (DPR) is presently 44.09%.

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.