Otis Worldwide Co. (NYSE:OTIS) Receives $104.57 Average PT from Analysts

Otis Worldwide Co. (NYSE:OTIS - Get Free Report) has been given an average recommendation of "Hold" by the ten brokerages that are currently covering the company, Marketbeat Ratings reports. Eight investment analysts have rated the stock with 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 $104.57.

Several research analysts have issued reports on the stock. Barclays decreased their price target on shares of Otis Worldwide from $96.00 to $94.00 and set an "equal weight" rating on the stock in a research report on Thursday, October 31st. UBS Group initiated coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a "neutral" rating and a $113.00 target price on the stock. Morgan Stanley began coverage on Otis Worldwide in a research report on Friday, September 6th. They issued an "equal weight" rating and a $97.00 price target for the company. Royal Bank of Canada restated an "outperform" rating and set a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. Finally, Wolfe Research cut shares of Otis Worldwide from an "outperform" rating to a "peer perform" rating in a report on Tuesday, October 8th.

Insider Transactions at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the business's stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the sale, the executive vice president now owns 9,992 shares of the company's stock, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.23% of the stock is currently owned by company insiders.

Institutional Trading of Otis Worldwide

Institutional investors have recently added to or reduced their stakes in the business. Appian Way Asset Management LP acquired a new stake in shares of Otis Worldwide in the second quarter worth about $991,000. Cetera Investment Advisers lifted its holdings in Otis Worldwide by 259.1% in the 1st quarter. Cetera Investment Advisers now owns 46,371 shares of the company's stock worth $4,603,000 after purchasing an additional 33,457 shares during the last quarter. Blair William & Co. IL boosted its position in Otis Worldwide by 64.7% during the second quarter. Blair William & Co. IL now owns 24,544 shares of the company's stock worth $2,363,000 after purchasing an additional 9,643 shares during the period. Public Sector Pension Investment Board grew its holdings in Otis Worldwide by 3.2% during the second quarter. Public Sector Pension Investment Board now owns 198,871 shares of the company's stock valued at $19,143,000 after purchasing an additional 6,259 shares during the last quarter. Finally, Daiwa Securities Group Inc. grew 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 during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Performance

Shares of OTIS stock traded up $0.46 during mid-day trading on Friday, hitting $102.98. 1,060,619 shares of the stock traded hands, compared to its average volume of 1,927,440. The company's 50-day simple moving average is $101.90 and its 200-day simple moving average is $97.81. Otis Worldwide has a twelve month low of $83.99 and a twelve month high of $106.33. The firm has a market cap of $41.14 billion, a price-to-earnings ratio of 25.68 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing analysts' consensus estimates of $0.97 by ($0.01). The business had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. Otis Worldwide's revenue was up .7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.95 earnings per share. Analysts forecast that Otis Worldwide will post 3.85 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.51%. The ex-dividend date is Friday, November 15th. Otis Worldwide's dividend payout ratio is currently 38.90%.

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.