Otis Worldwide Co. (NYSE:OTIS) Receives $95.00 Average Price Target from Analysts

Shares of Otis Worldwide Co. (NYSE:OTIS) have been assigned an average recommendation of “Hold” from the seven analysts that are currently covering the stock, Marketbeat Ratings reports. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $95.00.

OTIS has been the subject of several analyst reports. Wells Fargo & Company reduced their target price on shares of Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, February 1st. Argus raised shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 target price for the company in a report on Thursday, February 22nd. Royal Bank of Canada reissued an “outperform” rating and issued a $100.00 target price on shares of Otis Worldwide in a report on Monday, February 5th. Melius began coverage on shares of Otis Worldwide in a report on Tuesday, April 2nd. They set a “hold” rating for the company. Finally, Barclays increased their price objective on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a report on Tuesday, April 2nd.

Otis Worldwide Stock Up 1.2 %

NYSE OTIS opened at $96.29 on Friday. The company has a 50-day moving average price of $96.21 and a 200-day moving average price of $89.09. The firm has a market capitalization of $38.92 billion, a P/E ratio of 28.40 and a beta of 1.01. Otis Worldwide has a 52 week low of $73.32 and a 52 week high of $100.35.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, January 31st. The company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.02. The company had revenue of $3.62 billion during the quarter, compared to analyst estimates of $3.57 billion. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. During the same period in the prior year, the firm posted $0.75 EPS. As a group, equities research analysts anticipate that Otis Worldwide will post 3.87 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 16th were given a dividend of $0.34 per share. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.41%. Otis Worldwide’s dividend payout ratio is currently 40.12%.

Insider Buying and Selling

In related news, CEO Judith Fran Marks sold 37,312 shares of the firm’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the sale, the chief executive officer now directly owns 192,319 shares in the company, valued at $17,660,653.77. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the completion of the sale, the insider now directly owns 67,274 shares in the company, valued at $6,128,661.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total value of $3,426,360.96. Following the sale, the chief executive officer now owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The disclosure for this sale can be found here. 0.23% of the stock is owned by corporate insiders.

Institutional Trading of Otis Worldwide

Several institutional investors and hedge funds have recently made changes to their positions in OTIS. Norges Bank bought a new stake in shares of Otis Worldwide during the fourth quarter worth $628,855,000. Vanguard Group Inc. increased its stake in shares of Otis Worldwide by 14.8% during the fourth quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock valued at $4,095,342,000 after buying an additional 5,913,933 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Otis Worldwide by 47.9% during the third quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock valued at $605,571,000 after buying an additional 2,442,203 shares during the period. Jacobs Levy Equity Management Inc. increased its stake in shares of Otis Worldwide by 104.5% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,555,300 shares of the company’s stock valued at $124,906,000 after buying an additional 794,626 shares during the period. Finally, Qube Research & Technologies Ltd increased its stake in shares of Otis Worldwide by 119.1% during the third quarter. Qube Research & Technologies Ltd now owns 981,574 shares of the company’s stock valued at $78,830,000 after buying an additional 533,590 shares during the period. 88.03% of the stock is currently owned by institutional investors.

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.