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

Shares of Otis Worldwide Co. (NYSE:OTIS) have been given a consensus rating of “Hold” by the nine brokerages that are presently covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $103.88.

Several equities research analysts have weighed in on the stock. JPMorgan Chase & Co. cut their target price on shares of Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating on the stock in a report on Wednesday, January 15th. Wolfe Research downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a research report on Thursday, December 12th. UBS Group started coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target on the stock. Barclays reduced their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research note on Wednesday, January 8th. Finally, Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 7th.

Otis Worldwide Trading Up 0.4 %

Shares of OTIS opened at $96.61 on Monday. The stock has a 50 day simple moving average of $96.36 and a 200-day simple moving average of $97.25. Otis Worldwide has a 1 year low of $87.57 and a 1 year high of $106.33. The stock has a market cap of $38.59 billion, a PE ratio of 24.09 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The business had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The business’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.95 earnings per share. On average, sell-side analysts forecast that Otis Worldwide will post 3.86 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date was Friday, November 15th. Otis Worldwide’s payout ratio is currently 38.90%.

Otis Worldwide announced that its board has authorized a stock buyback program on Thursday, January 16th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to buy up to 5.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the sale, the executive vice president now directly owns 9,992 shares in the company, valued at $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.23% of the company’s stock.

Hedge Funds Weigh In On Otis Worldwide

A number of institutional investors have recently modified their holdings of OTIS. Appian Way Asset Management LP bought a new position in Otis Worldwide in the second quarter valued at about $991,000. M&T Bank Corp boosted its stake in shares of Otis Worldwide by 11.2% in the 3rd quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock valued at $19,123,000 after purchasing an additional 18,536 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Otis Worldwide by 41.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after purchasing an additional 8,161,946 shares in the last quarter. Daiwa Securities Group Inc. grew its holdings in shares of Otis Worldwide by 11.1% during the 3rd quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock valued at $5,111,000 after purchasing an additional 4,918 shares during the last quarter. Finally, Blair William & Co. IL increased its position in Otis Worldwide by 64.7% during the 2nd quarter. Blair William & Co. IL now owns 24,544 shares of the company’s stock worth $2,363,000 after purchasing an additional 9,643 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

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.