Otis Worldwide Corporation (NYSE:OTIS) Receives $101.44 Average PT from Analysts

Shares of Otis Worldwide Corporation (NYSE:OTIS) have earned a consensus recommendation of “Hold” from the ten ratings firms that are currently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $101.4444.

A number of analysts have recently commented on the stock. BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price on the stock in a report on Tuesday, December 9th. Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research note on Monday, December 15th. JPMorgan Chase & Co. cut shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target for the company. in a research report on Friday, January 30th. Wolfe Research restated an “outperform” rating on shares of Otis Worldwide in a report on Monday, March 16th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th.

Insider Buying and Selling

In other Otis Worldwide news, CEO Judith Fran Marks sold 56,107 shares of Otis Worldwide stock in a transaction on Thursday, February 5th. The stock was sold at an average price of $90.89, for a total transaction of $5,099,565.23. Following the completion of the transaction, the chief executive officer owned 231,072 shares in the company, valued at approximately $21,002,134.08. The trade was a 19.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Michael Patrick Ryan sold 1,182 shares of the business’s stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $90.06, for a total value of $106,450.92. Following the completion of the sale, the chief accounting officer directly owned 3,504 shares in the company, valued at $315,570.24. This trade represents a 25.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 158,013 shares of company stock worth $14,337,635 in the last 90 days. Corporate insiders own 0.23% of the company’s stock.

Hedge Funds Weigh In On Otis Worldwide

Several large investors have recently modified their holdings of OTIS. Oakworth Capital Inc. increased its stake in Otis Worldwide by 49.1% during the 3rd quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock valued at $31,000 after purchasing an additional 113 shares in the last quarter. Cookson Peirce & Co. Inc. lifted its stake in shares of Otis Worldwide by 1.8% in the third quarter. Cookson Peirce & Co. Inc. now owns 6,615 shares of the company’s stock worth $605,000 after buying an additional 115 shares in the last quarter. OLD National Bancorp IN grew its holdings in shares of Otis Worldwide by 5.5% during the third quarter. OLD National Bancorp IN now owns 2,245 shares of the company’s stock valued at $205,000 after buying an additional 118 shares during the last quarter. PKS Advisory Services LLC grew its holdings in shares of Otis Worldwide by 4.9% during the second quarter. PKS Advisory Services LLC now owns 2,575 shares of the company’s stock valued at $255,000 after buying an additional 121 shares during the last quarter. Finally, Smartleaf Asset Management LLC increased its position in shares of Otis Worldwide by 5.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,295 shares of the company’s stock valued at $202,000 after acquiring an additional 123 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $76.03 on Friday. The firm has a market capitalization of $29.55 billion, a P/E ratio of 21.72, a P/E/G ratio of 2.33 and a beta of 1.00. The stock has a 50 day moving average price of $87.52 and a 200-day moving average price of $88.77. Otis Worldwide has a 52-week low of $75.90 and a 52-week high of $105.95.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share for the quarter, meeting the consensus estimate of $1.03. The company had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.88 billion. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.The firm’s revenue was up 3.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.93 earnings per share. On average, equities analysts forecast that Otis Worldwide will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Friday, February 13th were paid a $0.42 dividend. The ex-dividend date was Friday, February 13th. This represents a $1.68 annualized dividend and a dividend yield of 2.2%. Otis Worldwide’s dividend payout ratio is presently 48.00%.

Otis Worldwide Company Profile

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.