Analysts Set Otis Worldwide Co. (NYSE:OTIS) PT at $100.71

Shares of Otis Worldwide Co. (NYSE:OTIS) have received an average recommendation of “Reduce” from the seven ratings firms that are currently covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $100.71.

Several equities analysts have weighed in on OTIS shares. Wells Fargo & Company dropped their price target on Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, April 24th. Royal Bank of Canada dropped their price objective on Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating for the company in a research report on Monday, April 28th. JPMorgan Chase & Co. upped their target price on shares of Otis Worldwide from $88.00 to $101.00 and gave the company a “neutral” rating in a report on Friday, May 16th. Finally, Barclays decreased their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a research note on Friday, April 25th.

Insiders Place Their Bets

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the transaction, the insider now owns 63,931 shares of the company’s stock, valued at $6,731,934.30. This trade represents a 9.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.23% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Otis Worldwide

A number of hedge funds have recently made changes to their positions in OTIS. Resonant Capital Advisors LLC boosted its holdings in Otis Worldwide by 3.1% in the fourth 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 during 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 worth $249,000 after acquiring an additional 109 shares during the last quarter. Montis Financial LLC raised its holdings in shares of Otis Worldwide by 5.2% in the 4th 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. Thurston Springer Miller Herd & Titak Inc. raised its holdings in shares of Otis Worldwide by 15.3% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 828 shares of the company’s stock worth $85,000 after purchasing an additional 110 shares during the period. Finally, AlTi Global Inc. lifted its stake 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 valued at $223,000 after purchasing an additional 113 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Trading Up 0.3%

NYSE:OTIS opened at $97.07 on Friday. The company has a market capitalization of $38.31 billion, a P/E ratio of 23.91 and a beta of 1.01. The firm has a 50-day moving average price of $97.50 and a two-hundred day moving average price of $97.49. Otis Worldwide has a twelve month low of $89.70 and a twelve month high of $106.83.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.01. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. The business had revenue of $3.35 billion during the quarter, compared to analysts’ expectations of $3.41 billion. During the same period last year, the company posted $0.88 EPS. The company’s revenue was down 2.5% on a year-over-year basis. On average, equities research analysts predict that Otis Worldwide will post 4.04 earnings per share for the current year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 16th will be given a dividend of $0.42 per share. The ex-dividend date is Friday, May 16th. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a yield of 1.73%. Otis Worldwide’s dividend payout ratio is 44.09%.

Otis Worldwide Company Profile

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.