Otis Worldwide Co. (NYSE:OTIS) Given Consensus Rating of “Hold” by Analysts

Shares of Otis Worldwide Co. (NYSE:OTIS) have been assigned an average rating of “Hold” from the nine brokerages that are presently covering the firm, MarketBeat reports. Seven investment analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $100.00.

OTIS has been the topic of several research reports. Wells Fargo & Company cut their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 25th. Morgan Stanley began coverage on shares of Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target for the company. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th.

Hedge Funds Weigh In On Otis Worldwide

Large investors have recently made changes to their positions in the business. Cambridge Investment Research Advisors Inc. raised its position in shares of Otis Worldwide by 0.3% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 32,048 shares of the company’s stock valued at $3,181,000 after purchasing an additional 110 shares during the last quarter. Hancock Whitney Corp lifted its stake in shares of Otis Worldwide by 4.6% during the first quarter. Hancock Whitney Corp now owns 2,549 shares of the company’s stock worth $253,000 after buying an additional 111 shares during the period. Tritonpoint Wealth LLC grew its holdings in shares of Otis Worldwide by 4.1% during the first quarter. Tritonpoint Wealth LLC now owns 2,869 shares of the company’s stock valued at $285,000 after buying an additional 113 shares during the last quarter. Bleakley Financial Group LLC increased its position in shares of Otis Worldwide by 1.2% in the 1st quarter. Bleakley Financial Group LLC now owns 9,726 shares of the company’s stock valued at $965,000 after acquiring an additional 117 shares during the period. Finally, Private Trust Co. NA raised its stake in Otis Worldwide by 0.9% in the 1st quarter. Private Trust Co. NA now owns 12,931 shares of the company’s stock worth $1,284,000 after acquiring an additional 118 shares during the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Price Performance

Shares of OTIS opened at $96.25 on Tuesday. The firm has a market capitalization of $38.92 billion, a price-to-earnings ratio of 27.82 and a beta of 1.03. Otis Worldwide has a 1-year low of $73.32 and a 1-year high of $100.84. The company has a 50-day moving average of $94.23 and a 200 day moving average of $95.94.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. Otis Worldwide’s quarterly revenue was down 3.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.92 earnings per share. On average, equities analysts anticipate that Otis Worldwide will post 3.88 earnings per share for the current fiscal 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 paid a $0.39 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $1.56 annualized dividend and a yield of 1.62%. Otis Worldwide’s dividend payout ratio (DPR) is 45.09%.

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.