Otis Worldwide (NYSE:OTIS) Shares Cross Above Two Hundred Day Moving Average – Here’s What Happened

Shares of Otis Worldwide Corporation (NYSE:OTIS) crossed above its two hundred day moving average during trading on Monday. The stock has a two hundred day moving average of $76.38 and traded as high as $78.65. Otis Worldwide shares last traded at $78.5930, with a volume of 5,200,920 shares traded.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on OTIS. Morgan Stanley set a $75.00 price target on Otis Worldwide in a research note on Monday, August 10th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Otis Worldwide in a report on Wednesday, August 12th. Sanford C. Bernstein increased their price objective on shares of Otis Worldwide from $90.00 to $94.00 and gave the company an “outperform” rating in a research report on Thursday, October 29th. Wells Fargo & Company decreased their target price on Otis Worldwide from $77.00 to $75.00 and set an “underweight” rating for the company in a research report on Thursday, October 29th. Finally, Evercore reiterated an “outperform” rating and set a $95.00 price objective on shares of Otis Worldwide in a research report on Thursday, July 23rd. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $91.20.

Otis Worldwide Stock Performance

The stock’s fifty day moving average price is $70.08 and its two-hundred day moving average price is $76.26. The company has a market cap of $30.37 billion, a P/E ratio of 19.85, a P/E/G ratio of 2.78 and a beta of 0.87.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, October 28th. The company reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $1.01 by $0.04. Otis Worldwide had a net margin of 10.28% and a negative return on equity of 28.45%. The business had revenue of $3.91 billion during the quarter, compared to analyst estimates of $3.85 billion. During the same quarter in the previous year, the business posted $1.05 EPS. Otis Worldwide’s quarterly revenue was up 6.1% on a year-over-year basis. On average, equities research analysts forecast that Otis Worldwide Corporation will post 4.03 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be given a dividend of $0.44 per share. The ex-dividend date is Friday, November 13th. This represents a $1.76 annualized dividend and a dividend yield of 2.2%. Otis Worldwide’s dividend payout ratio (DPR) is presently 43.78%.

Insider Activity

In related news, insider Joseph Armas sold 835 shares of the stock in a transaction that occurred on Tuesday, November 3rd. The shares were sold at an average price of $77.74, for a total value of $64,912.90. Following the completion of the transaction, the insider directly owned 2,155 shares of the company’s stock, valued at $167,529.70. This trade represents a 27.93% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.14% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Otis Worldwide

A number of hedge funds have recently added to or reduced their stakes in the business. North Dakota State Investment Board boosted its holdings in Otis Worldwide by 1.4% in the third quarter. North Dakota State Investment Board now owns 11,766 shares of the company’s stock valued at $757,000 after purchasing an additional 163 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Otis Worldwide by 1.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 17,871 shares of the company’s stock valued at $1,280,000 after acquiring an additional 169 shares in the last quarter. Soltis Investment Advisors LLC lifted its position in shares of Otis Worldwide by 2.4% during the 3rd quarter. Soltis Investment Advisors LLC now owns 7,598 shares of the company’s stock valued at $489,000 after acquiring an additional 176 shares during the period. Washington Trust Advisors Inc. raised its holdings in shares of Otis Worldwide by 8.0% in the second quarter. Washington Trust Advisors Inc. now owns 2,567 shares of the company’s stock worth $184,000 after acquiring an additional 190 shares during the last quarter. Finally, Eastern Bank raised its holdings in Otis Worldwide by 2.7% in the 3rd quarter. Eastern Bank now owns 7,142 shares of the company’s stock valued at $459,000 after acquiring an additional 190 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

About Otis Worldwide

Otis Worldwide Corporation (NYSE: OTIS) is a global manufacturer and service provider for the elevator and escalator industry. The company designs, manufactures, installs, modernizes and maintains elevators, escalators and moving walkways for commercial buildings, residential developments, transportation hubs and other infrastructure projects.

Otis provides equipment for new construction as well as maintenance, repair and modernization services for existing systems. Its service operations support equipment from Otis and other manufacturers, helping building owners and operators manage the safety, performance and lifecycle of vertical transportation systems.

The company traces its history to 1853, when Elisha Otis demonstrated a safety device for elevators.