Otis Worldwide Co. (NYSE:OTIS) Given Average Rating of “Hold” by Brokerages

Shares of Otis Worldwide Co. (NYSE:OTIS) have been given a consensus rating of “Hold” by the nine brokerages that are currently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation, five have given a hold recommendation and two have given a buy recommendation to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $102.88.

Several equities analysts have recently weighed in on the company. Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a research note on Thursday, December 12th. Wells Fargo & Company decreased their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, January 30th. Barclays dropped their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. JPMorgan Chase & Co. reduced their target price on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Finally, UBS Group began coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target for the company.

Insiders Place Their Bets

In other Otis Worldwide news, CEO Judith Fran Marks sold 38,012 shares of the firm’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the completion of the transaction, the chief executive officer now directly owns 245,883 shares of the company’s stock, valued at $23,213,814.03. This trade represents a 13.39 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Peiming Zheng sold 32,694 shares of the company’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the completion of the sale, the executive vice president now owns 169 shares in the company, valued at approximately $16,127.67. This trade represents a 99.49 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 105,621 shares of company stock worth $10,046,255 in the last three months. 0.23% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Resonant Capital Advisors LLC raised its position in shares of Otis Worldwide by 3.1% during the 4th quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company’s stock valued at $320,000 after acquiring an additional 105 shares in the last quarter. Coldstream Capital Management Inc. increased its stake in Otis Worldwide by 4.2% during the fourth quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company’s stock valued at $249,000 after purchasing an additional 109 shares during the last quarter. Montis Financial LLC raised its holdings in shares of Otis Worldwide by 5.2% during the fourth quarter. Montis Financial LLC now owns 2,216 shares of the company’s stock worth $205,000 after purchasing an additional 110 shares during the period. AlTi Global Inc. lifted its position in shares of Otis Worldwide by 4.9% in the 4th quarter. AlTi Global Inc. now owns 2,404 shares of the company’s stock worth $223,000 after buying an additional 113 shares during the last quarter. Finally, Dorsey & Whitney Trust CO LLC lifted its position in shares of Otis Worldwide by 1.7% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company’s stock worth $643,000 after buying an additional 114 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Up 0.7 %

NYSE:OTIS opened at $99.02 on Friday. The company has a market cap of $39.26 billion, a P/E ratio of 24.39 and a beta of 1.06. The firm’s 50 day moving average is $94.64 and its two-hundred day moving average is $97.22. Otis Worldwide has a fifty-two week low of $90.12 and a fifty-two week high of $106.33.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. Research analysts forecast that Otis Worldwide will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide announced that its Board of Directors has authorized a share repurchase plan on Thursday, January 16th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date of this dividend is Friday, February 14th. Otis Worldwide’s payout ratio is 38.42%.

About Otis Worldwide

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.