Otis Worldwide Corporation (NYSE:OTIS) Stock Rated “Hold” by Wall Street Analysts

Shares of Otis Worldwide Corporation (NYSE:OTIS) have been assigned a consensus rating of “Hold” from the nine research firms that are presently covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $91.20.

A number of equities analysts have issued reports on the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Otis Worldwide in a report on Wednesday, August 12th. Wells Fargo & Company dropped 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. Sanford C. Bernstein lifted their price target on Otis Worldwide from $90.00 to $94.00 and gave the company an “outperform” rating in a research note on Thursday, October 29th. Royal Bank Of Canada set a $90.00 price objective on Otis Worldwide in a research note on Tuesday, July 28th. Finally, Morgan Stanley set a $75.00 price objective on shares of Otis Worldwide in a report on Monday, August 10th.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock opened at $79.49 on Friday. The company’s 50 day moving average price is $70.22 and its two-hundred day moving average price is $76.21. The firm has a market capitalization of $30.26 billion, a P/E ratio of 19.77, a P/E/G ratio of 2.89 and a beta of 0.87. Otis Worldwide has a fifty-two week low of $63.58 and a fifty-two week high of $94.57.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, October 28th. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $3.91 billion during the quarter, compared to the consensus estimate of $3.85 billion. During the same period in the prior year, the business earned $1.05 earnings per share. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. On average, analysts expect that Otis Worldwide will post 4.03 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be issued a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Friday, November 13th. Otis Worldwide’s payout ratio is presently 43.78%.

Insider Transactions at Otis Worldwide

In other news, insider Joseph Armas sold 835 shares of the firm’s stock in a transaction on Tuesday, November 3rd. The shares were sold at an average price of $77.74, for a total transaction of $64,912.90. Following the completion of the transaction, the insider owned 2,155 shares of the company’s stock, valued at approximately $167,529.70. This trade represents a 27.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.14% of the company’s stock.

Institutional Trading of Otis Worldwide

Several institutional investors have recently modified their holdings of OTIS. Orion Capital Management LLC acquired a new stake in shares of Otis Worldwide in the 2nd quarter worth about $27,000. MidFirst Bank bought a new stake in Otis Worldwide during the 2nd quarter worth approximately $28,000. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in shares of Otis Worldwide in the second quarter worth approximately $28,000. Elevation Wealth Partners LLC raised its stake in shares of Otis Worldwide by 1,910.0% in the second quarter. Elevation Wealth Partners LLC now owns 402 shares of the company’s stock worth $29,000 after purchasing an additional 382 shares during the last quarter. Finally, Addison Advisors LLC bought a new position in shares of Otis Worldwide in the second quarter valued at approximately $29,000. Institutional investors own 88.03% of the company’s stock.

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.