Otis Worldwide Corporation (NYSE:OTIS) Given Consensus Recommendation of "Reduce" by Analysts

Shares of Otis Worldwide Corporation (NYSE:OTIS - Get Free Report) have earned an average recommendation of "Reduce" from the eight ratings firms that are covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $103.63.

Several brokerages have issued reports on OTIS. Deutsche Bank Aktiengesellschaft began coverage on shares of Otis Worldwide in a report on Monday. They issued a "hold" rating and a $109.00 target price for the company. Wells Fargo & Company increased their price objective on shares of Otis Worldwide from $95.00 to $100.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 1st. Morgan Stanley upped their target price on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. 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. Finally, JPMorgan Chase & Co. upped their target price on shares of Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th.

Hedge Funds Weigh In On Otis Worldwide

A number of hedge funds have recently modified their holdings of OTIS. Ridgewood Investments LLC raised its holdings in Otis Worldwide by 79.9% during the second quarter. Ridgewood Investments LLC now owns 10,191 shares of the company's stock worth $1,009,000 after purchasing an additional 4,525 shares in the last quarter. Farmers & Merchants Investments Inc. increased its position in Otis Worldwide by 6.9% during the second quarter. Farmers & Merchants Investments Inc. now owns 44,345 shares of the company's stock worth $4,391,000 after buying an additional 2,861 shares in the last quarter. Toth Financial Advisory Corp acquired a new stake in shares of Otis Worldwide during the second quarter valued at $45,000. Park Avenue Securities LLC boosted its position in Otis Worldwide by 0.8% during the second quarter. Park Avenue Securities LLC now owns 13,876 shares of the company's stock worth $1,374,000 after acquiring an additional 104 shares during the last quarter. Finally, Lincoln Capital LLC increased its stake in Otis Worldwide by 0.5% in the second quarter. Lincoln Capital LLC now owns 73,689 shares of the company's stock valued at $7,297,000 after purchasing an additional 353 shares during the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Stock Up 0.6%

Shares of OTIS traded up $0.57 during trading hours on Monday, reaching $100.06. 1,896,950 shares of the company traded hands, compared to its average volume of 2,540,662. Otis Worldwide has a 12 month low of $89.70 and a 12 month high of $106.83. The company's fifty day moving average price is $97.08 and its two-hundred day moving average price is $97.02. The company has a market capitalization of $39.49 billion, a price-to-earnings ratio of 26.26 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.91 by $0.01. Otis Worldwide had a net margin of 10.83% and a negative return on equity of 31.72%. The business had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. During the same quarter in the previous year, the firm posted $0.88 earnings per share. Otis Worldwide's quarterly revenue was down 2.5% on a year-over-year basis. On average, analysts expect that Otis Worldwide will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 16th were paid a dividend of $0.42 per share. The ex-dividend date of this dividend was Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.68%. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's payout ratio is presently 44.09%.

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.