Otis Worldwide Corporation (NYSE:OTIS) Receives Average Rating of “Reduce” from Analysts

Otis Worldwide Corporation (NYSE:OTIS) has received an average recommendation of “Reduce” from the seven analysts that are presently covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and one has assigned a buy recommendation to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $100.71.

A number of equities research analysts have recently issued reports on the company. Royal Bank Of Canada dropped their price target on Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating for the company in a research report on Monday, April 28th. Barclays reduced their price objective on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a research report on Friday, April 25th. Wells Fargo & Company dropped their target price on Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, April 24th. Finally, JPMorgan Chase & Co. lifted their price target on Otis Worldwide from $88.00 to $101.00 and gave the stock a “neutral” rating in a report on Friday, May 16th.

Hedge Funds Weigh In On Otis Worldwide

A number of hedge funds have recently modified their holdings of the business. Vontobel Holding Ltd. boosted its stake in Otis Worldwide by 1.4% during the fourth quarter. Vontobel Holding Ltd. now owns 10,401 shares of the company’s stock worth $963,000 after buying an additional 141 shares during the period. Venturi Wealth Management LLC raised its stake in shares of Otis Worldwide by 223.0% in the 4th quarter. Venturi Wealth Management LLC now owns 927 shares of the company’s stock valued at $86,000 after acquiring an additional 640 shares during the period. Kestra Investment Management LLC acquired a new position in shares of Otis Worldwide in the 4th quarter worth approximately $73,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in shares of Otis Worldwide during the 4th quarter worth approximately $334,000. Finally, Private Advisor Group LLC boosted its position in shares of Otis Worldwide by 2.8% during the 4th quarter. Private Advisor Group LLC now owns 21,404 shares of the company’s stock worth $1,982,000 after purchasing an additional 591 shares during the period. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Stock Performance

Shares of OTIS opened at $96.69 on Thursday. The stock has a 50 day moving average price of $96.25 and a 200 day moving average price of $96.74. Otis Worldwide has a one year low of $89.70 and a one year high of $106.83. The stock has a market capitalization of $38.16 billion, a price-to-earnings ratio of 25.38 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.91 by $0.01. The business had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.41 billion. Otis Worldwide had a net margin of 10.83% and a negative return on equity of 31.72%. The company’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.88 earnings per share. On average, analysts predict that Otis Worldwide will post 4.04 earnings per share for the current year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 16th were given a $0.42 dividend. The ex-dividend date was Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a yield of 1.74%. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.39. Otis Worldwide’s payout ratio is currently 44.09%.

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.