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

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

OTIS has been the topic of several other research reports. Wells Fargo & Company cut their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Barclays reduced their price target on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Morgan Stanley began coverage on 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. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Eight analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and an average price target of $104.57.

Otis Worldwide Stock Down 0.2 %

Shares of NYSE OTIS opened at $99.10 on Wednesday. The company 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 52 week low of $83.21 and a 52 week high of $106.33. The firm’s fifty day moving average is $100.41 and its 200 day moving average is $97.27.

Otis Worldwide (NYSE:OTIS) last posted 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). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter in the prior year, the company posted $0.95 earnings per share. The business’s revenue for the quarter was up .7% on a year-over-year basis. Equities research analysts anticipate that Otis Worldwide will post 3.85 earnings per share for the current year.

Otis Worldwide Announces Dividend

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 given a $0.39 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.57%. Otis Worldwide’s dividend payout ratio is currently 38.90%.

Insider Buying and Selling

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the firm’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the sale, the executive vice president now directly owns 9,992 shares in the company, valued at approximately $1,009,391.84. This trade represents a 47.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.23% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in OTIS. Riverview Trust Co purchased a new position in Otis Worldwide in the 3rd quarter worth approximately $25,000. Meeder Asset Management Inc. raised its stake in shares of Otis Worldwide by 264.9% in the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after purchasing an additional 196 shares during the last quarter. Jamison Private Wealth Management Inc. lifted its holdings in shares of Otis Worldwide by 5,720.0% during the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock valued at $28,000 after purchasing an additional 286 shares in the last quarter. Cranbrook Wealth Management LLC boosted its position in shares of Otis Worldwide by 675.7% during the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after buying an additional 250 shares during the last quarter. Finally, Northwest Investment Counselors LLC bought a new stake in Otis Worldwide in the 3rd quarter worth about $28,000. 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.