Otis Worldwide (NYSE:OTIS) Earns Neutral Rating from Analysts at UBS Group

UBS Group began coverage on shares of Otis Worldwide (NYSE:OTIS) in a report released on Wednesday, MarketBeat Ratings reports. The brokerage issued a neutral rating and a $113.00 price target on the stock.

Other equities research analysts have also issued reports about the company. Barclays lowered their price objective on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Wells Fargo & Company lowered their target price on shares of 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 reissued an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Finally, Morgan Stanley began coverage on Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective for the company. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $104.57.

Otis Worldwide Stock Performance

Shares of NYSE OTIS traded down $0.02 during midday trading on Wednesday, hitting $100.37. 63,662 shares of the company’s stock traded hands, compared to its average volume of 2,107,175. The stock has a market capitalization of $40.09 billion, a price-to-earnings ratio of 25.03 and a beta of 1.04. The firm has a fifty day moving average of $100.11 and a 200 day moving average of $97.21. Otis Worldwide has a 1 year low of $83.21 and a 1 year high of $106.33.

Otis Worldwide (NYSE:OTIS) last released its 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 net margin of 11.48% and a negative return on equity of 31.28%. The company had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter last year, the firm posted $0.95 earnings per share. Otis Worldwide’s revenue for the quarter was up .7% on a year-over-year basis. On average, equities analysts anticipate that Otis Worldwide will post 3.85 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s payout ratio is presently 38.90%.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction dated 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 approximately $1,009,391.84. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.23% of the company’s stock.

Hedge Funds Weigh In On Otis Worldwide

Several hedge funds have recently made changes to their positions in OTIS. Riverview Trust Co acquired a new stake in shares of Otis Worldwide in the third quarter worth $25,000. Meeder Asset Management Inc. lifted its holdings in shares of Otis Worldwide by 264.9% in the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after buying an additional 196 shares during the period. Northwest Investment Counselors LLC purchased a new stake in Otis Worldwide in the 3rd quarter worth approximately $28,000. Ashton Thomas Securities LLC acquired a new stake in shares of Otis Worldwide during the 3rd quarter worth approximately $29,000. Finally, Cranbrook Wealth Management LLC increased its holdings in shares of Otis Worldwide by 675.7% during the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after purchasing an additional 250 shares in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

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.