Otis Worldwide Co. (NYSE:OTIS) Increases Dividend to $0.39 Per Share

Otis Worldwide Co. (NYSE:OTIS) declared a quarterly dividend on Tuesday, April 23rd, Zacks reports. Investors of record on Friday, May 17th will be given a dividend of 0.39 per share on Friday, June 7th. This represents a $1.56 annualized dividend and a yield of 1.67%. The ex-dividend date is Thursday, May 16th. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.34.

Otis Worldwide has raised its dividend by an average of 29.7% annually over the last three years and has increased its dividend annually for the last 3 consecutive years. Otis Worldwide has a dividend payout ratio of 31.8% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Otis Worldwide to earn $4.29 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 31.7%.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $93.37 on Thursday. Otis Worldwide has a 1 year low of $73.32 and a 1 year high of $100.35. The business has a 50 day simple moving average of $96.41 and a two-hundred day simple moving average of $89.24. The firm has a market capitalization of $37.74 billion, a PE ratio of 27.54 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.01. Otis Worldwide had a negative return on equity of 30.75% and a net margin of 9.90%. The business had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.44 billion. Equities research analysts expect that Otis Worldwide will post 3.87 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the transaction, the chief executive officer now owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the transaction, the chief executive officer now owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Montlivault Stephane De sold 18,393 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the completion of the transaction, the insider now directly owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Wells Fargo & Company dropped their target price on Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, February 1st. Barclays boosted their price target on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a report on Tuesday, April 2nd. Vertical Research lowered Otis Worldwide from a “buy” rating to a “hold” rating in a report on Tuesday, January 2nd. UBS Group boosted their price target on Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, February 16th. Finally, Melius started coverage on Otis Worldwide in a report on Tuesday, April 2nd. They issued a “hold” rating for the company. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and an average target price of $95.00.

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.