Otis Worldwide Co. (NYSE:OTIS) Receives $103.88 Consensus Target Price from Brokerages

Otis Worldwide Co. (NYSE:OTIS) has earned an average rating of “Hold” from the nine analysts that are currently covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, five have assigned a hold recommendation and two have issued a buy recommendation on the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $103.88.

A number of equities research analysts have commented on OTIS shares. UBS Group initiated coverage on Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target on the stock. Barclays decreased their target price on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. Wells Fargo & Company lowered their price target on shares of Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating for the company in a report on Tuesday, January 7th. JPMorgan Chase & Co. decreased their price objective on shares of Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating for the company in a research report on Wednesday, January 15th. Finally, Wolfe Research lowered 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 report on Thursday, December 12th.

Otis Worldwide Trading Up 0.4 %

NYSE:OTIS opened at $96.61 on Monday. The stock’s 50-day moving average is $96.36 and its 200-day moving average is $97.25. Otis Worldwide has a 1-year low of $87.57 and a 1-year high of $106.33. The stock has a market cap of $38.59 billion, a P/E ratio of 24.09 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.01). The business had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The company’s revenue was up .7% compared to the same quarter last year. During the same quarter last year, the company posted $0.95 earnings per share. As a group, equities analysts forecast that Otis Worldwide will post 3.86 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were paid a $0.39 dividend. The ex-dividend date was Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 1.61%. Otis Worldwide’s dividend payout ratio is presently 38.90%.

Otis Worldwide declared that its board has authorized a share repurchase program on Thursday, January 16th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 5.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.23% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in OTIS. Riverview Trust Co acquired a new position in Otis Worldwide during the 3rd quarter valued at about $25,000. Northwest Investment Counselors LLC bought a new position in shares of Otis Worldwide in the third quarter valued at approximately $28,000. Ashton Thomas Securities LLC purchased a new position in shares of Otis Worldwide during the third quarter valued at approximately $29,000. Fortitude Family Office LLC boosted its position in shares of Otis Worldwide by 485.5% during the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after buying an additional 267 shares during the last quarter. Finally, Capital Performance Advisors LLP bought a new stake in Otis Worldwide during the third quarter worth $34,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

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.