Otis Worldwide (NASDAQ:OTIS) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Otis Worldwide (NASDAQ:OTIS) from a hold rating to a sell rating in a research report sent to investors on Wednesday, Zacks.com reports.

According to Zacks, “Otis Worldwide Corp. provides elevator and escalator manufacturing, installation and service. Otis Worldwide Corp. is based in Farmington, Connecticut. “

Several other brokerages have also recently issued reports on OTIS. Credit Suisse Group started coverage on Otis Worldwide in a report on Thursday, May 21st. They issued a hold rating and a $55.00 price objective for the company. Barclays reissued a hold rating on shares of Otis Worldwide in a report on Friday, May 8th. Vertical Research assumed coverage on Otis Worldwide in a report on Monday, April 6th. They issued a buy rating and a $53.00 price objective for the company. William Blair assumed coverage on Otis Worldwide in a research note on Friday, May 8th. They issued a market perform rating for the company. Finally, Atlantic Securities assumed coverage on Otis Worldwide in a research note on Tuesday, April 14th. They issued an overweight rating for the company. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company. The stock presently has a consensus rating of Hold and an average price target of $58.63.

OTIS traded down $0.65 on Wednesday, reaching $62.74. 3,156,178 shares of the stock were exchanged, compared to its average volume of 4,532,898. The firm’s 50-day moving average is $57.45. Otis Worldwide has a fifty-two week low of $38.00 and a fifty-two week high of $64.52. The stock has a market capitalization of $27.17 billion and a price-to-earnings ratio of 32.68.

Otis Worldwide (NASDAQ:OTIS) last issued its quarterly earnings results on Tuesday, July 28th. The company reported $0.56 EPS for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.12. The firm had revenue of $3.03 billion for the quarter, compared to analyst estimates of $2.92 billion. The firm’s quarterly revenue was down 9.6% on a year-over-year basis.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Friday, August 21st will be paid a dividend of $0.20 per share. The ex-dividend date is Thursday, August 20th. This represents a $0.80 annualized dividend and a yield of 1.28%. Otis Worldwide’s dividend payout ratio (DPR) is currently 41.67%.

In other Otis Worldwide news, insider Montlivault Stephane De sold 10,454 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $51.81, for a total transaction of $541,621.74. Following the completion of the sale, the insider now directly owns 1,403 shares in the company, valued at approximately $72,689.43. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Several hedge funds have recently bought and sold shares of the company. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in Otis Worldwide in the second quarter valued at approximately $134,908,000. Sarasin & Partners LLP acquired a new position in Otis Worldwide in the second quarter valued at approximately $126,278,000. Massachusetts Financial Services Co. MA acquired a new position in Otis Worldwide in the first quarter valued at approximately $106,956,000. UBS Group AG acquired a new position in Otis Worldwide in the second quarter valued at approximately $48,688,000. Finally, Scharf Investments LLC acquired a new position in Otis Worldwide during the second quarter worth $41,137,000.

About Otis Worldwide

There is no company description available for Otis Worldwide Corp.

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Analyst Recommendations for Otis Worldwide (NASDAQ:OTIS)

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