Otis Worldwide Co. (NYSE:OTIS) Receives Consensus Rating of “Hold” from Brokerages

Otis Worldwide Co. (NYSE:OTIS) has been assigned a consensus rating of “Hold” from the ten ratings firms that are covering the stock, MarketBeat Ratings reports. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $102.71.

A number of research analysts have commented on the stock. Morgan Stanley began coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Wells Fargo & Company upped their price target on shares of Otis Worldwide from $95.00 to $108.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Finally, Barclays increased their target price on Otis Worldwide from $90.00 to $96.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd.

Hedge Funds Weigh In On Otis Worldwide

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in Otis Worldwide by 14.8% in the fourth quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock valued at $4,095,342,000 after acquiring an additional 5,913,933 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Otis Worldwide by 12.4% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock worth $793,945,000 after purchasing an additional 907,972 shares during the period. PineStone Asset Management Inc. boosted its stake in shares of Otis Worldwide by 138.3% during the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock valued at $429,717,000 after purchasing an additional 2,590,780 shares in the last quarter. Sarasin & Partners LLP increased its position in shares of Otis Worldwide by 27.2% during the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock valued at $398,061,000 after buying an additional 883,659 shares during the period. Finally, Legal & General Group Plc raised its stake in Otis Worldwide by 0.4% in the second quarter. Legal & General Group Plc now owns 3,660,401 shares of the company’s stock worth $352,351,000 after buying an additional 15,021 shares in the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $105.13 on Friday. Otis Worldwide has a fifty-two week low of $73.32 and a fifty-two week high of $106.10. The stock has a market cap of $42.51 billion, a P/E ratio of 30.38 and a beta of 1.03. The firm’s fifty day moving average price is $96.92 and its 200-day moving average price is $96.52.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.03. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The company’s revenue was down 3.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.92 earnings per share. On average, analysts predict that Otis Worldwide will post 3.88 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.48%. The ex-dividend date of this dividend was Friday, August 16th. Otis Worldwide’s dividend payout ratio (DPR) is currently 45.09%.

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.