Otis Worldwide Co. (NYSE:OTIS) Receives Average Recommendation of “Hold” from Analysts

Otis Worldwide Co. (NYSE:OTIS) has been assigned an average recommendation of “Hold” from the nine research firms that are currently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, five have issued a hold recommendation and two have issued a buy recommendation on the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $102.88.

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. decreased their target price on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a report on Thursday, December 12th. Barclays cut their price target on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. Finally, Wells Fargo & Company cut their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, January 30th.

Insider Activity at Otis Worldwide

In other news, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction on Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the transaction, the insider now directly owns 63,931 shares in the company, valued at approximately $6,731,934.30. The trade was a 9.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $3,588,712.92. Following the completion of the transaction, the chief executive officer now owns 245,883 shares of the company’s stock, valued at approximately $23,213,814.03. This trade represents a 13.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 112,281 shares of company stock valued at $10,747,553. 0.23% of the stock is owned by insiders.

Institutional Investors Weigh In On Otis Worldwide

Several large investors have recently added to or reduced their stakes in the business. Transce3nd LLC bought a new stake in Otis Worldwide during the fourth quarter worth about $25,000. Ashton Thomas Securities LLC bought a new stake in Otis Worldwide during the third quarter worth about $29,000. Aster Capital Management DIFC Ltd bought a new stake in Otis Worldwide during the fourth quarter worth about $28,000. Fortitude Family Office LLC lifted its stake in Otis Worldwide by 485.5% during the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after purchasing an additional 267 shares during the last quarter. Finally, Capital Performance Advisors LLP bought a new stake in Otis Worldwide during the third quarter worth about $34,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Up 1.1 %

Shares of OTIS stock opened at $100.69 on Tuesday. The stock has a market cap of $39.93 billion, a price-to-earnings ratio of 24.80 and a beta of 1.05. The stock has a 50-day moving average of $96.73 and a 200-day moving average of $98.08. Otis Worldwide has a 1-year low of $90.12 and a 1-year high of $106.83.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. Sell-side analysts forecast that Otis Worldwide will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were issued a $0.39 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.55%. Otis Worldwide’s dividend payout ratio is presently 38.42%.

Otis Worldwide announced that its Board of Directors has approved a share buyback plan on Thursday, January 16th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to repurchase up to 5.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

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.