Brokerages Set Otis Worldwide Co. (NYSE:OTIS) Price Target at $103.88

Shares of Otis Worldwide Co. (NYSE:OTIS) have been assigned a consensus rating of “Hold” from the nine brokerages that are currently covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $103.88.

A number of research firms have recently issued reports on OTIS. UBS Group assumed coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target for the company. Wells Fargo & Company decreased their target price on shares of Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 7th. Barclays lowered their price target on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. JPMorgan Chase & Co. reduced their price objective on 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 Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research report on Thursday, December 12th.

Insider Buying and Selling at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.23% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of OTIS. Riverview Trust Co bought a new stake in shares of Otis Worldwide during the third quarter worth approximately $25,000. Northwest Investment Counselors LLC bought a new stake in shares of Otis Worldwide during the 3rd quarter valued at $28,000. Ashton Thomas Securities LLC bought a new stake in shares of Otis Worldwide during the 3rd quarter valued at $29,000. Fortitude Family Office LLC lifted its stake in shares of Otis Worldwide by 485.5% in the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after purchasing an additional 267 shares during the period. Finally, Capital Performance Advisors LLP bought a new position in shares of Otis Worldwide in the 3rd quarter worth $34,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $95.42 on Monday. The company has a market capitalization of $38.11 billion, a PE ratio of 23.79 and a beta of 1.06. The stock has a fifty day moving average of $96.48 and a 200-day moving average of $97.25. Otis Worldwide has a one year low of $87.57 and a one year high of $106.33.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data 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 for the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. Otis Worldwide’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.95 EPS. As a group, research analysts forecast that Otis Worldwide will post 3.86 EPS for the current fiscal year.

Otis Worldwide declared that its Board of Directors has initiated a share buyback program on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were given a $0.39 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.56 annualized dividend and a yield of 1.63%. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.90%.

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.