Otis Worldwide (NYSE:OTIS) Downgraded by Wolfe Research to Underperform

Wolfe Research cut shares of Otis Worldwide (NYSE:OTIS - Free Report) from a peer perform rating to an underperform rating in a report published on Thursday morning, Marketbeat.com reports. Wolfe Research currently has $104.00 price objective on the stock.

Other equities research analysts also recently issued research reports about the company. Morgan Stanley assumed coverage on Otis Worldwide in a report on Friday, September 6th. They set an "equal weight" rating and a $97.00 target price for the company. Wells Fargo & Company decreased their target price on Otis Worldwide from $108.00 to $105.00 and set an "equal weight" rating for the company in a report on Thursday, October 31st. Royal Bank of Canada reaffirmed an "outperform" rating and set a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. UBS Group assumed coverage on Otis Worldwide in a report on Wednesday, November 13th. They set a "neutral" rating and a $113.00 target price for the company. Finally, Barclays downgraded Otis Worldwide from an "equal weight" rating to an "underweight" rating and set a $94.00 target price for the company. in a report on Thursday, December 5th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $104.50.

Otis Worldwide Price Performance

NYSE OTIS traded down $0.95 during trading on Thursday, hitting $98.04. The company's stock had a trading volume of 910,441 shares, compared to its average volume of 2,079,147. The company has a market cap of $39.16 billion, a PE ratio of 24.68 and a beta of 1.04. The business's 50 day simple moving average is $101.66 and its 200-day simple moving average is $97.97. Otis Worldwide has a fifty-two week low of $85.42 and a fifty-two week high of $106.33.

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 the consensus estimate of $0.97 by ($0.01). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The business had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same period in the prior year, the business posted $0.95 EPS. Otis Worldwide's revenue was up .7% compared to the same quarter last year. Analysts expect that Otis Worldwide will post 3.85 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors 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 1.59%. The ex-dividend date was Friday, November 15th. Otis Worldwide's dividend payout ratio is currently 38.90%.

Insider Activity

In other 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 directly owns 9,992 shares in the company, valued at $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.23% of the company's stock.

Institutional Trading of Otis Worldwide

A number of institutional investors and hedge funds have recently made changes to their positions in OTIS. Franklin Resources Inc. boosted its stake in shares of Otis Worldwide by 58.3% in the third quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company's stock worth $774,863,000 after acquiring an additional 2,706,871 shares during the last quarter. Peapack Gladstone Financial Corp boosted its stake in shares of Otis Worldwide by 3.2% in the third quarter. Peapack Gladstone Financial Corp now owns 72,344 shares of the company's stock worth $7,519,000 after acquiring an additional 2,273 shares during the last quarter. Tidal Investments LLC boosted its stake in shares of Otis Worldwide by 14.8% in the third quarter. Tidal Investments LLC now owns 32,445 shares of the company's stock worth $3,372,000 after acquiring an additional 4,172 shares during the last quarter. Wilmington Savings Fund Society FSB boosted its stake in shares of Otis Worldwide by 297.9% in the third 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 during the last quarter. Finally, Sanctuary Advisors LLC boosted its stake in shares of Otis Worldwide by 3.3% in the third quarter. Sanctuary Advisors LLC now owns 23,223 shares of the company's stock worth $2,350,000 after acquiring an additional 737 shares during the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

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.