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

Otis Worldwide Co. (NYSE:OTIS) announced a quarterly dividend on Thursday, January 30th,RTT News reports. Stockholders of record on Friday, February 14th will be paid a dividend of 0.39 per share on Friday, March 7th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date is Friday, February 14th.

Otis Worldwide has increased its dividend payment by an average of 18.0% annually over the last three years. Otis Worldwide has a payout ratio of 34.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Otis Worldwide to earn $4.49 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 34.7%.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $95.43 on Friday. The company has a market cap of $38.12 billion, a PE ratio of 23.50 and a beta of 1.06. Otis Worldwide has a 12 month low of $87.57 and a 12 month high of $106.33. The company has a fifty day moving average price of $95.91 and a two-hundred day moving average price of $97.15.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.57%. Equities research analysts anticipate that Otis Worldwide will post 4.02 earnings per share for the current year.

Otis Worldwide announced that its Board of Directors has authorized a share buyback plan on Thursday, January 16th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to repurchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value 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. The trade was a 47.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.23% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts recently issued reports on OTIS shares. Barclays decreased their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday. Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a report on Thursday, December 12th. UBS Group started coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective for the company. Finally, JPMorgan Chase & Co. dropped their target price on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and a consensus price target of $102.88.

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.