Otis Worldwide Co. (NYSE:OTIS) Receives Consensus Recommendation of "Reduce" from Analysts

Otis Worldwide Co. (NYSE:OTIS - Get Free Report) has earned a consensus recommendation of "Reduce" from the seven analysts that are covering the firm, Marketbeat reports. Two analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and one has given a buy recommendation to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $100.71.

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

Otis Worldwide Stock Up 0.3%

Shares of OTIS stock traded up $0.29 on Friday, reaching $97.07. The stock had a trading volume of 2,192,458 shares, compared to its average volume of 2,332,606. The firm's 50-day moving average is $97.60 and its two-hundred day moving average is $97.49. The firm has a market capitalization of $38.31 billion, a price-to-earnings ratio of 23.91 and a beta of 1.01. 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 issued its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.91 by $0.01. The company had revenue of $3.35 billion for the quarter, compared to analysts' expectations of $3.41 billion. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. Otis Worldwide's quarterly revenue was down 2.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.88 EPS. On average, sell-side analysts forecast that Otis Worldwide will post 4.04 earnings per share 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. Investors of record on Friday, May 16th will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 1.73%. This is a boost from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Friday, May 16th. Otis Worldwide's dividend payout ratio (DPR) is 44.09%.

Insider Activity 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 shares were 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 in the company, valued at $6,731,934.30. This trade represents a 9.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.23% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Otis Worldwide

A number of hedge funds have recently modified their holdings of OTIS. Transce3nd LLC acquired a new position in Otis Worldwide in the fourth quarter valued at $25,000. NBC Securities Inc. acquired a new position in Otis Worldwide in the first quarter valued at $25,000. Aster Capital Management DIFC Ltd acquired a new position in Otis Worldwide in the fourth quarter valued at $28,000. Wayfinding Financial LLC acquired a new position in Otis Worldwide in the first quarter valued at $31,000. Finally, Cheviot Value Management LLC acquired a new position in Otis Worldwide in the first quarter valued at $31,000. Institutional investors and hedge funds own 88.03% of the company's stock.

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.