Otis Worldwide Co. (NYSE:OTIS) Declares Quarterly Dividend of $0.39

Otis Worldwide Co. (NYSE:OTIS) declared a quarterly dividend on Tuesday, April 23rd, Zacks reports. Shareholders of record on Friday, May 17th will be given a dividend of 0.39 per share on Friday, June 7th. This represents a $1.56 dividend on an annualized basis and a yield of 1.67%. The ex-dividend date of this dividend is Thursday, May 16th. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.34.

Otis Worldwide has raised its dividend by an average of 29.7% annually over the last three years and has increased its dividend annually for the last 3 consecutive years. Otis Worldwide has a payout ratio of 31.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Otis Worldwide to earn $4.29 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 31.7%.

Otis Worldwide Trading Down 0.1 %

OTIS stock traded down $0.05 during midday trading on Thursday, reaching $93.32. 395,062 shares of the company’s stock traded hands, compared to its average volume of 2,008,874. The stock’s 50-day moving average is $96.41 and its 200 day moving average is $89.24. The stock has a market cap of $37.72 billion, a P/E ratio of 27.54 and a beta of 1.01. Otis Worldwide has a 52-week low of $73.32 and a 52-week high of $100.35.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.01. The company had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.44 billion. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. As a group, research analysts expect that Otis Worldwide will post 3.87 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the transaction, the chief executive officer now directly owns 192,319 shares in the company, valued at $17,660,653.77. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the sale, the insider now owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Judith Fran Marks sold 37,312 shares of the company’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the transaction, the chief executive officer now directly owns 192,319 shares in the company, valued at $17,660,653.77. The disclosure for this sale can be found here. 0.23% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

OTIS has been the topic of a number of research analyst reports. Melius started coverage on Otis Worldwide in a report on Tuesday, April 2nd. They issued a “hold” rating on the stock. Vertical Research lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. Wells Fargo & Company cut their target price on shares of Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, February 1st. Barclays boosted their price target on shares of Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 2nd. Finally, Argus raised Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 target price on the stock in a report on Thursday, February 22nd. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $95.00.

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.