Otis Worldwide Co. (NYSE:OTIS) Receives $103.00 Consensus Target Price from Analysts

Otis Worldwide Co. (NYSE:OTIS) has earned a consensus recommendation of “Hold” from the eight research firms that are currently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $103.00.

OTIS has been the topic of several recent analyst reports. JPMorgan Chase & Co. decreased their price objective 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. Barclays lifted their price objective on Otis Worldwide from $91.00 to $92.00 and gave the stock an “underweight” rating in a report on Wednesday, March 26th. Wells Fargo & Company reduced their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, January 30th. Finally, Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a research note on Thursday, December 12th.

Otis Worldwide Trading Down 3.0 %

NYSE OTIS opened at $92.17 on Friday. The stock has a market capitalization of $36.55 billion, a price-to-earnings ratio of 22.70 and a beta of 1.00. The stock has a 50-day moving average of $99.21 and a 200 day moving average of $98.96. Otis Worldwide has a twelve month low of $90.12 and a twelve month high of $106.83.

Otis Worldwide (NYSE:OTIS) last announced 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%. Equities analysts predict that Otis Worldwide will post 4.04 EPS for the current fiscal year.

Otis Worldwide announced that its board has approved a stock repurchase plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were given a $0.39 dividend. The ex-dividend date was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.69%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Insider Buying and Selling

In related news, CEO Judith Fran Marks sold 38,012 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 245,883 shares in the company, valued at approximately $23,213,814.03. This trade represents a 13.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction of $701,298.00. Following the transaction, the insider now directly owns 63,931 shares in the company, valued at $6,731,934.30. This trade represents a 9.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 112,281 shares of company stock worth $10,747,553. 0.23% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Hilltop Holdings Inc. grew its holdings in shares of Otis Worldwide by 22.2% during the 3rd quarter. Hilltop Holdings Inc. now owns 3,596 shares of the company’s stock worth $374,000 after purchasing an additional 653 shares during the period. Investment Management Corp of Ontario lifted its position in Otis Worldwide by 50.5% in the third quarter. Investment Management Corp of Ontario now owns 13,408 shares of the company’s stock valued at $1,394,000 after buying an additional 4,500 shares during the last quarter. IHT Wealth Management LLC boosted its stake in Otis Worldwide by 20.6% during the third quarter. IHT Wealth Management LLC now owns 5,464 shares of the company’s stock worth $568,000 after buying an additional 935 shares during the period. Morse Asset Management Inc purchased a new position in Otis Worldwide during the third quarter worth about $130,000. Finally, Redwood Investment Management LLC increased its position in shares of Otis Worldwide by 4.1% during the third quarter. Redwood Investment Management LLC now owns 15,027 shares of the company’s stock valued at $1,569,000 after acquiring an additional 593 shares during the last quarter. 88.03% of the stock is currently owned by hedge funds and other 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.