Otis Worldwide Co. (NYSE:OTIS) Announces Quarterly Dividend of $0.39

Otis Worldwide Co. (NYSE:OTIS) announced a quarterly dividend on Thursday, October 31st,RTT News reports. Stockholders of record on Friday, November 15th will be given a dividend of 0.39 per share on Friday, December 6th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date is Friday, November 15th.

Otis Worldwide has raised its dividend by an average of 29.7% annually over the last three years. Otis Worldwide has a payout ratio of 37.2% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Otis Worldwide to earn $4.19 per share next year, which means the company should continue to be able to cover its $1.56 annual dividend with an expected future payout ratio of 37.2%.

Otis Worldwide Stock Performance

OTIS opened at $100.39 on Thursday. The business’s 50-day simple moving average is $100.11 and its 200-day simple moving average is $97.21. Otis Worldwide has a one year low of $82.43 and a one year high of $106.33. The stock has a market capitalization of $40.10 billion, a P/E ratio of 25.03 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last issued 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 company 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 business’s revenue was up .7% on a year-over-year basis. During the same quarter last year, the firm earned $0.95 EPS. On average, equities research analysts forecast that Otis Worldwide will post 3.85 EPS for the current fiscal year.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide 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 sale, the executive vice president now owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.23% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on OTIS shares. UBS Group started coverage on Otis Worldwide in a research report on Wednesday. They issued a “neutral” rating and a $113.00 price target on the stock. Barclays dropped their price target on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Morgan Stanley started coverage on Otis Worldwide in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target on the stock. Wells Fargo & Company dropped their price target on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Finally, Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Eight research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $104.57.

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.