Otis Worldwide Co. (NYSE:OTIS) Receives Average Recommendation of “Hold” from Brokerages

Shares of Otis Worldwide Co. (NYSE:OTIS) have earned a consensus rating of “Hold” from the nine ratings firms that are covering the stock, MarketBeat reports. Seven research 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 brokers that have updated their coverage on the stock in the last year is $98.57.

OTIS has been the subject of a number of research reports. 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, July 25th. Morgan Stanley initiated coverage on Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target on the stock.

Institutional Trading of Otis Worldwide

A number of institutional investors have recently modified their holdings of the company. Meeder Asset Management Inc. boosted its stake in Otis Worldwide by 264.9% in the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after acquiring an additional 196 shares in the last quarter. Jamison Private Wealth Management Inc. grew its stake in Otis Worldwide by 5,720.0% during the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after buying an additional 286 shares during the last quarter. Cranbrook Wealth Management LLC raised its stake in Otis Worldwide by 675.7% in the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after buying an additional 250 shares during the last quarter. Hantz Financial Services Inc. acquired a new stake in Otis Worldwide in the second quarter worth about $29,000. Finally, LifeSteps Financial Inc. purchased a new stake in shares of Otis Worldwide during the first quarter worth about $31,000. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Up 0.7 %

Shares of Otis Worldwide stock opened at $94.82 on Tuesday. The stock’s fifty day moving average is $94.44 and its two-hundred day moving average is $95.93. Otis Worldwide has a 52 week low of $73.32 and a 52 week high of $100.84. The company has a market capitalization of $37.98 billion, a PE ratio of 27.40 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 EPS for the quarter, topping the consensus estimate of $1.03 by $0.03. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.74 billion. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The firm’s revenue was down 3.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.92 EPS. As a group, research analysts anticipate that Otis Worldwide will post 3.88 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were issued a $0.39 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $1.56 dividend on an annualized basis and a yield of 1.65%. Otis Worldwide’s dividend payout ratio is presently 45.09%.

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.