Otis Worldwide Co. (NYSE:OTIS) Given Average Recommendation of “Hold” by Brokerages

Posted by Defense World Staff on May 6th, 2023

Otis Worldwide Co. (NYSE:OTIS – Get Rating) has earned a consensus recommendation of “Hold” from the twelve research firms that are presently covering the stock, MarketBeat reports. Nine equities research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $81.10.

OTIS has been the subject of several recent analyst reports. Morgan Stanley increased their price objective on shares of Otis Worldwide from $89.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 19th. Wells Fargo & Company raised shares of Otis Worldwide from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $75.00 to $88.00 in a research note on Monday, May 1st. HSBC raised their price objective on shares of Otis Worldwide from $72.00 to $81.00 and gave the stock a “hold” rating in a report on Wednesday, April 19th. Cowen raised their price objective on shares of Otis Worldwide from $90.00 to $95.00 and gave the company an “outperform” rating in a research report on Thursday, February 2nd. Finally, Barclays lowered their price objective on shares of Otis Worldwide from $81.00 to $79.00 and set an “equal weight” rating for the company in a report on Thursday, April 6th.

Insider Activity

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 3,018 shares of the stock in a transaction that occurred on Monday, February 6th. The shares were sold at an average price of $84.46, for a total transaction of $254,900.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Michael Patrick Ryan sold 3,018 shares of the firm’s stock in a transaction on Monday, February 6th. The stock was sold at an average price of $84.46, for a total value of $254,900.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider James F. Cramer sold 700 shares of Otis Worldwide stock in a transaction dated Monday, February 6th. The shares were sold at an average price of $83.97, for a total value of $58,779.00. Following the completion of the sale, the insider now owns 5,037 shares of the company’s stock, valued at $422,956.89. The disclosure for this sale can be found here. Insiders sold 5,258 shares of company stock valued at $445,604 in the last quarter. 0.11% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Otis Worldwide

Large investors have recently added to or reduced their stakes in the company. Sigma Planning Corp boosted its position in Otis Worldwide by 2.7% in the 4th quarter. Sigma Planning Corp now owns 4,786 shares of the company’s stock worth $375,000 after purchasing an additional 128 shares in the last quarter. Great Valley Advisor Group Inc. raised its stake in Otis Worldwide by 3.8% in the 4th quarter. Great Valley Advisor Group Inc. now owns 3,525 shares of the company’s stock valued at $276,000 after purchasing an additional 128 shares during the last quarter. Northwest Bancshares Inc. raised its stake in Otis Worldwide by 3.5% in the 4th quarter. Northwest Bancshares Inc. now owns 3,923 shares of the company’s stock valued at $307,000 after purchasing an additional 132 shares during the last quarter. Pathstone Family Office LLC raised its stake in Otis Worldwide by 1.2% during the third quarter. Pathstone Family Office LLC now owns 11,758 shares of the company’s stock worth $772,000 after purchasing an additional 135 shares during the period. Finally, Optas LLC raised its stake in Otis Worldwide by 1.9% during the first quarter. Optas LLC now owns 7,255 shares of the company’s stock worth $612,000 after purchasing an additional 137 shares during the period. 83.95% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Up 0.8 %

NYSE OTIS opened at $85.96 on Friday. The firm has a 50-day moving average price of $82.80 and a two-hundred day moving average price of $80.05. Otis Worldwide has a 12-month low of $62.49 and a 12-month high of $87.33. The company has a market capitalization of $35.53 billion, a P/E ratio of 28.37 and a beta of 0.92.

Otis Worldwide (NYSE:OTIS – Get Rating) last issued its quarterly earnings results on Wednesday, April 26th. The company reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.06. The company had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.26 billion. Otis Worldwide had a net margin of 9.35% and a negative return on equity of 28.04%. The firm’s quarterly revenue was down 2.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.77 EPS. Equities analysts expect that Otis Worldwide will post 3.44 EPS for the current year.

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 9th. Shareholders of record on Friday, May 19th will be paid a dividend of $0.34 per share. The ex-dividend date is Thursday, May 18th. This represents a $1.36 annualized dividend and a yield of 1.58%. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.29. Otis Worldwide’s dividend payout ratio is currently 38.28%.

About Otis Worldwide

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Otis Worldwide Corporation manufactures, installs, and services 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.

Analyst Recommendations for Otis Worldwide (NYSE:OTIS)

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