Otis Worldwide Co. (NYSE:OTIS) Receives $103.00 Average Target Price from Analysts

Otis Worldwide Co. (NYSE:OTIS) has earned a consensus rating of “Hold” from the eight ratings firms that are currently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $100.88.

Several equities research analysts recently commented on OTIS shares. Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a research note on Thursday, December 12th. Wells Fargo & Company cut their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 30th. JPMorgan Chase & Co. dropped their price target on Otis Worldwide from $105.00 to $88.00 and set a “neutral” rating on the stock in a research note on Tuesday. Finally, Barclays lifted their price target on Otis Worldwide from $91.00 to $92.00 and gave the stock an “underweight” rating in a research report on Wednesday, March 26th.

Otis Worldwide Trading Up 3.7 %

Otis Worldwide stock opened at $94.25 on Friday. The company has a fifty day simple moving average of $98.98 and a 200-day simple moving average of $98.82. The stock has a market cap of $37.37 billion, a P/E ratio of 23.21 and a beta of 1.00. Otis Worldwide has a 12-month low of $89.70 and a 12-month high of $106.83.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. As a group, sell-side analysts forecast that Otis Worldwide will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide declared that its Board of Directors has initiated a stock buyback program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to purchase up to 5.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide’s payout ratio is currently 38.42%.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of the firm’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the sale, the insider now directly owns 63,931 shares of the company’s stock, valued at $6,731,934.30. This trade represents a 9.43 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Judith Fran Marks sold 28,440 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $95.77, for a total transaction of $2,723,698.80. Following the completion of the transaction, the chief executive officer now directly owns 230,153 shares of the company’s stock, valued at approximately $22,041,752.81. This represents a 11.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 112,281 shares of company stock valued at $10,747,553. 0.23% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in OTIS. Hilltop Holdings Inc. grew its holdings in Otis Worldwide by 22.2% in the 3rd quarter. Hilltop Holdings Inc. now owns 3,596 shares of the company’s stock valued at $374,000 after buying an additional 653 shares during the period. Investment Management Corp of Ontario boosted its position in shares of Otis Worldwide by 50.5% in the third quarter. Investment Management Corp of Ontario now owns 13,408 shares of the company’s stock worth $1,394,000 after acquiring an additional 4,500 shares during the last quarter. IHT Wealth Management LLC grew its holdings in Otis Worldwide by 20.6% in the third quarter. IHT Wealth Management LLC now owns 5,464 shares of the company’s stock valued at $568,000 after purchasing an additional 935 shares during the period. Morse Asset Management Inc acquired a new position in Otis Worldwide during the third quarter worth approximately $130,000. Finally, Redwood Investment Management LLC raised its stake in Otis Worldwide by 4.1% during the third quarter. Redwood Investment Management LLC now owns 15,027 shares of the company’s stock worth $1,569,000 after purchasing an additional 593 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

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.