Otis Worldwide (NYSE:OTIS) Downgraded to Underperform Rating by Wolfe Research

Wolfe Research downgraded shares of Otis Worldwide (NYSE:OTIS) from a peer perform rating to an underperform rating in a research report sent to investors on Thursday, Marketbeat reports. Wolfe Research currently has $104.00 price objective on the stock.

Other analysts have also issued reports about the stock. Barclays lowered shares of Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 target price on the stock. in a research report on Thursday, December 5th. Morgan Stanley started coverage on Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. UBS Group started coverage on Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective on the stock. Finally, Wells Fargo & Company lowered their price objective on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Two research analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $104.50.

Otis Worldwide Stock Down 0.7 %

Otis Worldwide stock opened at $98.28 on Thursday. The business has a 50 day moving average price of $101.54 and a two-hundred day moving average price of $97.97. Otis Worldwide has a 12 month low of $85.42 and a 12 month high of $106.33. The stock has a market cap of $39.26 billion, a price-to-earnings ratio of 24.51 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The firm had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same quarter in the previous year, the company posted $0.95 earnings per share. The business’s revenue for the quarter was up .7% compared to the same quarter last year. On average, analysts expect that Otis Worldwide will post 3.86 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were issued a $0.39 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.59%. Otis Worldwide’s dividend payout ratio is 38.90%.

Insiders Place Their Bets

In other Otis Worldwide 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 value of $909,180.00. Following the transaction, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.23% of the company’s stock.

Hedge Funds Weigh In On Otis Worldwide

Hedge funds have recently added to or reduced their stakes in the company. Optas LLC lifted its position in Otis Worldwide by 2.2% during the 3rd quarter. Optas LLC now owns 5,522 shares of the company’s stock valued at $574,000 after purchasing an additional 118 shares during the period. Rehmann Capital Advisory Group lifted its holdings in Otis Worldwide by 4.4% in the third quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company’s stock valued at $299,000 after buying an additional 122 shares during the period. Brighton Jones LLC lifted its holdings in Otis Worldwide by 5.0% in the second quarter. Brighton Jones LLC now owns 2,580 shares of the company’s stock valued at $248,000 after buying an additional 124 shares during the period. Groupama Asset Managment boosted its stake in Otis Worldwide by 1.4% in the third quarter. Groupama Asset Managment now owns 9,428 shares of the company’s stock valued at $980,000 after acquiring an additional 132 shares during the last quarter. Finally, Resonant Capital Advisors LLC grew its holdings in Otis Worldwide by 4.6% during the 2nd quarter. Resonant Capital Advisors LLC now owns 3,426 shares of the company’s stock worth $330,000 after acquiring an additional 150 shares during the period. Institutional investors own 88.03% of the company’s stock.

About Otis Worldwide

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.