Otis Worldwide (NYSE:OTIS) Cut to “Hold” at Wall Street Zen

Wall Street Zen cut shares of Otis Worldwide (NYSE:OTIS) from a buy rating to a hold rating in a research report sent to investors on Saturday morning.

Other equities research analysts also recently issued reports about the company. Zacks Research upgraded Otis Worldwide from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 14th. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective on the stock in a research report on Tuesday, December 9th. Barclays increased their target price on shares of Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research note on Thursday, October 30th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Otis Worldwide from $105.00 to $111.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 15th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $103.50.

Otis Worldwide Price Performance

Shares of OTIS opened at $89.45 on Friday. The stock has a market capitalization of $34.86 billion, a price-to-earnings ratio of 26.39, a price-to-earnings-growth ratio of 3.19 and a beta of 1.02. Otis Worldwide has a 1 year low of $84.25 and a 1 year high of $106.83. The business’s 50 day simple moving average is $88.41 and its 200-day simple moving average is $90.19.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, October 29th. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.05. Otis Worldwide had a net margin of 9.41% and a negative return on equity of 30.67%. The company had revenue of $3.69 billion for the quarter, compared to the consensus estimate of $3.65 billion. Otis Worldwide’s revenue was up 4.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.96 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. On average, sell-side analysts expect that Otis Worldwide will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 5th. Investors of record on Friday, November 14th were issued a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 1.9%. The ex-dividend date was Friday, November 14th. Otis Worldwide’s payout ratio is presently 49.56%.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 3,028 shares of the company’s stock in a transaction on Wednesday, November 5th. The stock was sold at an average price of $91.69, for a total transaction of $277,637.32. Following the completion of the sale, the chief accounting officer owned 2,628 shares in the company, valued at $240,961.32. This represents a 53.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.23% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of OTIS. Czech National Bank boosted its stake in Otis Worldwide by 3.1% in the fourth quarter. Czech National Bank now owns 102,763 shares of the company’s stock valued at $8,976,000 after acquiring an additional 3,121 shares in the last quarter. Pensionfund Sabic acquired a new position in shares of Otis Worldwide during the fourth quarter worth $1,136,000. Daymark Wealth Partners LLC lifted its holdings in shares of Otis Worldwide by 19.0% during the 4th quarter. Daymark Wealth Partners LLC now owns 9,150 shares of the company’s stock valued at $799,000 after purchasing an additional 1,458 shares during the last quarter. Avanza Fonder AB boosted its position in shares of Otis Worldwide by 18.1% in the 4th quarter. Avanza Fonder AB now owns 48,086 shares of the company’s stock worth $4,200,000 after purchasing an additional 7,377 shares in the last quarter. Finally, Salem Investment Counselors Inc. grew its stake in Otis Worldwide by 21.0% during the 4th quarter. Salem Investment Counselors Inc. now owns 9,502 shares of the company’s stock worth $830,000 after buying an additional 1,646 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

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.