Otis Worldwide Co. (NYSE:OTIS) Given Average Recommendation of "Hold" by Brokerages

Otis Worldwide Co. (NYSE:OTIS - Get Free Report) has been assigned a consensus recommendation of "Hold" from the nine research firms that are currently covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. The average 1-year price target among analysts that have covered the stock in the last year is $102.88.

A number of equities research analysts recently commented on OTIS shares. Wolfe Research cut shares of Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 target price for the company. in a research report on Thursday, December 12th. Barclays reduced their target price on Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating on the stock in a research report on Wednesday, January 8th. Wells Fargo & Company lowered their price target 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, JPMorgan Chase & Co. lowered their target price on shares of Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating for the company in a research note on Thursday, January 30th.

Otis Worldwide Stock Performance

Otis Worldwide stock traded up $1.08 during midday trading on Tuesday, hitting $100.69. 1,612,908 shares of the company's stock were exchanged, compared to its average volume of 2,000,459. Otis Worldwide has a 12 month low of $90.12 and a 12 month high of $106.83. The company has a market cap of $39.93 billion, a PE ratio of 24.80 and a beta of 1.05. The firm has a 50-day moving average of $96.57 and a two-hundred day moving average of $97.99.

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Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing analysts' consensus estimates of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. As a group, equities analysts expect that Otis Worldwide will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were given a dividend of $0.39 per share. The ex-dividend date was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.55%. Otis Worldwide's dividend payout ratio is presently 38.42%.

Otis Worldwide announced that its Board of Directors has authorized a stock repurchase program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 5.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its shares are undervalued.

Insider Buying and Selling at Otis Worldwide

In other news, CEO Judith Fran Marks sold 38,012 shares of the 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 sale, the chief executive officer now directly owns 245,883 shares of the company's stock, valued at $23,213,814.03. This represents a 13.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Montlivault Stephane De sold 6,660 shares of the firm's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the sale, the insider now 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. In the last quarter, insiders sold 112,281 shares of company stock worth $10,747,553. Insiders own 0.23% of the company's stock.

Institutional Trading of Otis Worldwide

Several institutional investors have recently bought and sold shares of the business. Transce3nd LLC purchased a new position in shares of Otis Worldwide during the 4th quarter valued at approximately $25,000. Ashton Thomas Securities LLC purchased a new position in Otis Worldwide during the third quarter valued at $29,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Otis Worldwide in the fourth quarter valued at about $28,000. Fortitude Family Office LLC increased its stake in shares of Otis Worldwide by 485.5% during the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock worth $30,000 after purchasing an additional 267 shares in the last quarter. Finally, Capital Performance Advisors LLP acquired a new position in shares of Otis Worldwide during the 3rd quarter worth about $34,000. 88.03% of the stock is owned by institutional investors and hedge funds.

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.