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

Otis Worldwide Co. (NYSE:OTIS - Get Free Report) has been assigned an average rating of "Hold" from the eight brokerages that are currently covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $100.88.

Several research analysts have commented on OTIS shares. Wells Fargo & Company decreased their price target on shares of 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. Wolfe Research cut shares of Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 target price on the stock. in a research report on Thursday, December 12th. JPMorgan Chase & Co. cut their price target on shares of Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating for the company in a research report on Tuesday. Finally, Barclays lifted their price objective on Otis Worldwide from $91.00 to $92.00 and gave the stock an "underweight" rating in a report on Wednesday, March 26th.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 32,694 shares of the stock in a transaction on Friday, January 31st. The stock was sold at an average price of $95.43, for a total value of $3,119,988.42. Following the completion of the transaction, the executive vice president now owns 169 shares in the company, valued at approximately $16,127.67. This represents a 99.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Montlivault Stephane De sold 6,660 shares of the business's stock in a transaction 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 sale, the insider now owns 63,931 shares in the company, valued at approximately $6,731,934.30. This trade represents a 9.43 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 112,281 shares of company stock valued at $10,747,553. Company insiders own 0.23% of the company's stock.

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Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in shares of Otis Worldwide by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 45,003,843 shares of the company's stock valued at $4,167,806,000 after purchasing an additional 149,123 shares in the last quarter. JPMorgan Chase & Co. increased its position in Otis Worldwide by 26.5% during the 4th quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company's stock valued at $3,289,868,000 after buying an additional 7,447,860 shares in the last quarter. Geode Capital Management LLC increased its position in Otis Worldwide by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 11,126,735 shares of the company's stock valued at $1,031,787,000 after buying an additional 95,035 shares in the last quarter. Franklin Resources Inc. raised its stake in Otis Worldwide by 5.9% during the fourth quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company's stock valued at $720,980,000 after buying an additional 435,372 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Otis Worldwide in the fourth quarter worth $649,883,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

OTIS stock traded up $3.37 during midday trading on Friday, reaching $94.25. The company had a trading volume of 4,818,430 shares, compared to its average volume of 2,173,076. The firm has a 50-day moving average price of $98.98 and a 200-day moving average price of $98.82. The company has a market capitalization of $37.37 billion, a P/E ratio of 23.21 and a beta of 1.00. Otis Worldwide has a 1 year low of $89.14 and a 1 year high of $106.83.

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 (EPS) 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%. On average, equities analysts predict that Otis Worldwide will post 4.04 EPS for the current year.

Otis Worldwide announced that its board has authorized a stock repurchase plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 5.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were issued 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 1.66%. Otis Worldwide's dividend payout ratio 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.