Otis Worldwide (NYSE:OTIS) Cut to Underperform at Wolfe Research

Wolfe Research downgraded shares of Otis Worldwide (NYSE:OTIS) from a peer perform rating to an underperform rating in a report issued on Thursday morning, Marketbeat Ratings reports. They currently have $104.00 price objective on the stock.

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

Otis Worldwide Trading Down 0.5 %

Shares of OTIS opened at $97.79 on Thursday. The firm’s 50-day moving average is $101.40 and its two-hundred day moving average is $98.00. Otis Worldwide has a twelve month low of $85.42 and a twelve month high of $106.33. The firm has a market capitalization of $39.06 billion, a P/E ratio of 24.39 and a beta of 1.04.

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 the consensus estimate of $0.97 by ($0.01). The company had revenue of $3.55 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.95 earnings per share. Analysts predict that Otis Worldwide will post 3.86 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were issued a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 1.60%. Otis Worldwide’s payout ratio is 38.90%.

Insider Activity at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction 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 sale, the executive vice president now owns 9,992 shares of the company’s stock, valued at $1,009,391.84. The trade was a 47.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.23% of the company’s stock.

Institutional Investors Weigh In On Otis Worldwide

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Appian Way Asset Management LP purchased a new stake in Otis Worldwide during the 2nd quarter worth $991,000. Daiwa Securities Group Inc. increased its position in shares of Otis Worldwide by 11.1% in the 3rd quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock worth $5,111,000 after purchasing an additional 4,918 shares during the last quarter. Blair William & Co. IL increased its position in shares of Otis Worldwide by 64.7% in the 2nd quarter. Blair William & Co. IL now owns 24,544 shares of the company’s stock worth $2,363,000 after purchasing an additional 9,643 shares during the last quarter. Public Sector Pension Investment Board increased its position in shares of Otis Worldwide by 3.2% in the 2nd quarter. Public Sector Pension Investment Board now owns 198,871 shares of the company’s stock worth $19,143,000 after purchasing an additional 6,259 shares during the last quarter. Finally, Handelsbanken Fonder AB increased its position in shares of Otis Worldwide by 6.3% in the 3rd quarter. Handelsbanken Fonder AB now owns 228,821 shares of the company’s stock worth $23,784,000 after purchasing an additional 13,602 shares during the last quarter. Hedge funds and other 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.