Otis Worldwide Corporation Announces Quarterly Dividend of $0.42 (NYSE:OTIS)

Otis Worldwide Corporation (NYSE:OTIS - Get Free Report) declared a quarterly dividend on Thursday, July 24th, RTT News reports. Shareholders of record on Friday, August 15th will be paid a dividend of 0.42 per share on Friday, September 5th. This represents a $1.68 dividend on an annualized basis and a yield of 1.88%.

Otis Worldwide has a payout ratio of 37.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect Otis Worldwide to earn $4.42 per share next year, which means the company should continue to be able to cover its $1.68 annual dividend with an expected future payout ratio of 38.0%.

Otis Worldwide Stock Up 0.9%

OTIS stock traded up $0.80 during midday trading on Thursday, reaching $89.29. The company's stock had a trading volume of 6,739,096 shares, compared to its average volume of 2,628,320. Otis Worldwide has a 52 week low of $86.00 and a 52 week high of $106.83. The stock has a market cap of $35.24 billion, a PE ratio of 23.43, a price-to-earnings-growth ratio of 2.72 and a beta of 0.98. The business's 50-day simple moving average is $97.32 and its 200-day simple moving average is $97.28.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.03 by $0.02. Otis Worldwide had a net margin of 10.83% and a negative return on equity of 31.72%. The firm had revenue of $3.60 billion for the quarter, compared to analysts' expectations of $3.73 billion. During the same period last year, the firm earned $1.06 earnings per share. The business's revenue for the quarter was down .2% on a year-over-year basis. As a group, equities analysts forecast that Otis Worldwide will post 4.04 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Barclays cut their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a report on Thursday. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Otis Worldwide in a research report on Monday, July 14th. They issued a "hold" rating and a $109.00 price objective for the company. Royal Bank Of Canada reduced their target price on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, April 28th. JPMorgan Chase & Co. dropped their price target on shares of Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating for the company in a research report on Thursday. Finally, Morgan Stanley lifted their price target on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $102.50.

Hedge Funds Weigh In On Otis Worldwide

A number of large investors have recently modified their holdings of OTIS. Jones Financial Companies Lllp grew its position in shares of Otis Worldwide by 3.4% in the 1st quarter. Jones Financial Companies Lllp now owns 9,199 shares of the company's stock worth $949,000 after buying an additional 304 shares during the period. Empowered Funds LLC lifted its stake in shares of Otis Worldwide by 10.5% in the 1st quarter. Empowered Funds LLC now owns 8,988 shares of the company's stock worth $928,000 after purchasing an additional 857 shares during the period. Finally, Acadian Asset Management LLC lifted its stake in shares of Otis Worldwide by 63.7% in the 1st quarter. Acadian Asset Management LLC now owns 4,045 shares of the company's stock worth $417,000 after purchasing an additional 1,574 shares during the period. 88.03% of the stock is currently owned by institutional investors.

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.

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