Otis Worldwide Co. (NYSE:OTIS) Receives $104.50 Consensus Target Price from Brokerages

Otis Worldwide Co. (NYSE:OTIS - Get Free Report) has been given a consensus recommendation of "Hold" by the ten analysts that are presently covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, six have given a hold recommendation and two have issued a buy recommendation on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $104.50.

Several equities research analysts have weighed in on OTIS shares. UBS Group started 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. Royal Bank of Canada reissued an "outperform" rating and set a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Wolfe Research cut shares of Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price target for the company. in a report on Thursday, December 12th. Morgan Stanley assumed coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They set an "equal weight" rating and a $97.00 price objective for the company. Finally, Barclays downgraded Otis Worldwide from an "equal weight" rating to an "underweight" rating and set a $94.00 target price on the stock. in a research report on Thursday, December 5th.

Insider Buying and Selling at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the sale, the executive vice president now directly owns 9,992 shares of the company's stock, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.23% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Appian Way Asset Management LP purchased a new position in shares of Otis Worldwide during the 2nd quarter valued at approximately $991,000. M&T Bank Corp raised its position in Otis Worldwide by 11.2% during the third 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 during the period. Daiwa Securities Group Inc. lifted its holdings in Otis Worldwide by 11.1% during the third quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company's stock valued at $5,111,000 after purchasing an additional 4,918 shares in the last quarter. Blair William & Co. IL grew its position in shares of Otis Worldwide by 64.7% in the second quarter. Blair William & Co. IL now owns 24,544 shares of the company's stock valued at $2,363,000 after purchasing an additional 9,643 shares during the period. Finally, Public Sector Pension Investment Board increased its stake in shares of Otis Worldwide by 3.2% during the second quarter. Public Sector Pension Investment Board now owns 198,871 shares of the company's stock worth $19,143,000 after purchasing an additional 6,259 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

Otis Worldwide Trading Up 0.2 %

Shares of NYSE:OTIS traded up $0.15 during trading on Thursday, reaching $94.15. The stock had a trading volume of 605,064 shares, compared to its average volume of 2,074,387. The firm's 50-day simple moving average is $99.89 and its 200 day simple moving average is $97.76. Otis Worldwide has a one year low of $85.42 and a one year high of $106.33. The company has a market capitalization of $37.61 billion, a P/E ratio of 23.48 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.01). The firm had revenue of $3.55 billion during the quarter, compared to analysts' expectations of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. Otis Worldwide's revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.95 earnings per share. Equities research analysts forecast that Otis Worldwide will post 3.86 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.66%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide's dividend payout ratio is currently 38.90%.

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.