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

Otis Worldwide Co. (NYSE:OTIS) announced a quarterly dividend on Thursday, July 25th, RTT News reports. Investors of record on Friday, August 16th will be paid a dividend of 0.39 per share on Friday, September 6th. This represents a $1.56 annualized dividend and a yield of 1.68%.

Otis Worldwide has raised its dividend by an average of 29.7% annually over the last three years. Otis Worldwide has a dividend payout ratio of 36.6% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Otis Worldwide to earn $4.29 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 36.4%.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock traded up $1.60 during midday trading on Thursday, hitting $93.03. The company had a trading volume of 4,269,593 shares, compared to its average volume of 2,101,292. The stock has a market cap of $37.61 billion, a PE ratio of 27.13 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 business’s 50 day simple moving average is $97.33 and its two-hundred day simple moving average is $94.99.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.03. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.74 billion. During the same quarter in the previous year, the firm posted $0.92 EPS. The business’s revenue was down 3.2% compared to the same quarter last year. On average, sell-side analysts expect that Otis Worldwide will post 3.88 EPS for the current fiscal year.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the sale, the executive vice president now directly owns 15,570 shares of the company’s stock, valued at $1,458,753.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.23% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on OTIS. Barclays lifted their price objective on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 2nd. Argus boosted their price target on shares of Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a report on Monday, May 13th. Melius began coverage on shares of Otis Worldwide in a report on Tuesday, April 2nd. They set a “hold” rating for the company. JPMorgan Chase & Co. upped their target price on shares of Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, April 25th. Finally, Wells Fargo & Company dropped their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $98.83.

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.