Otis Worldwide Co. (NYSE:OTIS) Receives $102.88 Consensus Target Price from Analysts

Otis Worldwide Co. (NYSE:OTIS - Get Free Report) has been assigned an average rating of "Hold" from the nine research firms that are currently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $102.88.

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

Insider Activity

In related news, EVP Peiming Zheng sold 32,694 shares of the firm's stock in a transaction on Friday, January 31st. The stock was sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the sale, the executive vice president now owns 169 shares of the company's stock, valued at $16,127.67. This trade represents a 99.49 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, 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 value of $3,588,712.92. Following 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 position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 105,621 shares of company stock worth $10,046,255. Insiders own 0.23% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. M&T Bank Corp raised its position in shares of Otis Worldwide by 11.2% in the 3rd quarter. M&T Bank Corp now owns 183,984 shares of the company's stock worth $19,123,000 after acquiring an additional 18,536 shares in the last quarter. Daiwa Securities Group Inc. raised its position in shares of Otis Worldwide by 11.1% in the 3rd quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company's stock worth $5,111,000 after acquiring an additional 4,918 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Otis Worldwide by 41.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock worth $2,918,223,000 after acquiring an additional 8,161,946 shares in the last quarter. Wilmington Savings Fund Society FSB raised its position in shares of Otis Worldwide by 297.9% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 13,329 shares of the company's stock worth $1,385,000 after acquiring an additional 9,979 shares in the last quarter. Finally, Sarasin & Partners LLP raised its position in shares of Otis Worldwide by 6.0% in the 4th quarter. Sarasin & Partners LLP now owns 4,053,315 shares of the company's stock worth $375,378,000 after acquiring an additional 229,523 shares in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock traded down $1.25 during trading hours on Friday, hitting $96.77. The company's stock had a trading volume of 2,267,827 shares, compared to its average volume of 2,014,642. Otis Worldwide has a 12 month low of $90.12 and a 12 month high of $106.33. The stock has a 50 day moving average of $94.69 and a 200 day moving average of $97.17. The company has a market capitalization of $38.37 billion, a PE ratio of 23.83 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data 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 expect that Otis Worldwide will post 4.03 EPS for the current year.

Otis Worldwide declared that its Board of Directors has initiated a stock buyback plan on Thursday, January 16th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 5.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be paid a dividend of $0.39 per share. The ex-dividend date is Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.61%. Otis Worldwide's dividend payout ratio (DPR) is presently 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.