Otis Worldwide (NYSE:OTIS) Now Covered by Analysts at UBS Group

UBS Group started coverage on shares of Otis Worldwide (NYSE:OTIS) in a research note released on Wednesday, MarketBeat.com reports. The firm issued a neutral rating and a $113.00 target price on the stock.

OTIS has been the subject of several other reports. Wells Fargo & Company reduced their target price on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Wolfe Research downgraded shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Barclays reduced their price target on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Finally, Morgan Stanley began coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective on the stock. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $104.57.

Otis Worldwide Trading Down 0.2 %

NYSE:OTIS opened at $99.10 on Wednesday. The company has a 50-day moving average of $100.41 and a 200-day moving average of $97.31. The firm has a market cap of $39.59 billion, a price-to-earnings ratio of 24.71 and a beta of 1.04. Otis Worldwide has a twelve month low of $83.21 and a twelve month high of $106.33.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The business had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The company’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.95 earnings per share. On average, research analysts forecast that Otis Worldwide will post 3.85 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date is Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

Insider Buying and Selling

In related news, EVP Abbe Luersman sold 9,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. This trade represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.23% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Geode Capital Management LLC increased its position in Otis Worldwide by 1.4% during the third quarter. Geode Capital Management LLC now owns 11,031,700 shares of the company’s stock worth $1,146,045,000 after buying an additional 152,072 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of Otis Worldwide by 12.4% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock worth $793,945,000 after acquiring an additional 907,972 shares in the last quarter. PineStone Asset Management Inc. boosted its stake in shares of Otis Worldwide by 138.3% during the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock worth $429,717,000 after acquiring an additional 2,590,780 shares in the last quarter. Sarasin & Partners LLP increased its holdings in shares of Otis Worldwide by 27.2% during the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock valued at $398,061,000 after acquiring an additional 883,659 shares during the last quarter. Finally, Wellington Management Group LLP lifted its holdings in Otis Worldwide by 11.9% in the 3rd quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company’s stock worth $382,546,000 after purchasing an additional 391,206 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

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.