Analyst Price Forecast Indicates 1.70% Upside
On February 22, 2024, Argus Research elevated their outlook for Otis Worldwide (NYSE:OTIS) from Hold to Buy, according to Fintel reports. The average one-year price target for Otis Worldwide is 94.03, representing a potential increase of 1.70% from its latest reported closing price of 92.45 on January 19, 2024. The forecasts range from a low of 80.80 to a high of $105.00.
Argus Research’s upgrade signifies a positive sentiment toward the company’s future performance, with a projected 3.42% annual revenue increase and a non-GAAP EPS of 3.81.
Otis Worldwide Declares $0.34 Dividend
On February 1, 2024, Otis Worldwide declared a regular quarterly dividend of $0.34 per share ($1.36 annualized). Shareholders of record as of February 16, 2024, will receive the payment on March 8, 2024. The current stock’s dividend yield of 1.47% is 0.27 standard deviations above the historical average. Additionally, the company’s dividend payout ratio of 0.39 reflects a healthy balance between dividend payments and retained earnings for growth.
Fund Sentiment and Shareholder Holdings
There are 2042 funds or institutions reporting positions in Otis Worldwide, indicating a 4.34% increase in the last quarter. However, the average portfolio weight of all funds dedicated to OTIS has decreased by 4.67% to 0.24%. In the options market, the put/call ratio of OTIS is 0.34, signifying a bullish outlook.
Alliancebernstein
Alliancebernstein holds 19,213K shares, representing 4.74% ownership of the company, with an 8.21% increase in its portfolio allocation in OTIS over the last quarter.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares
VTSMX holds 12,814K shares, representing 3.16% ownership of the company, but has decreased its portfolio allocation in OTIS by 6.84% over the last quarter.
Geode Capital Management
Geode Capital Management holds 10,468K shares, representing 2.58% ownership of the company. The firm has seen an increase of 0.98% in its portfolio allocation in OTIS over the last quarter, despite the 50.61% decrease in portfolio allocation.
VFINX – Vanguard 500 Index Fund Investor Shares
VFINX holds 9,894K shares, representing 2.44% ownership of the company, and has witnessed a 7.12% decrease in its portfolio allocation in OTIS over the last quarter.
Capital Research Global Investors
Capital Research Global Investors holds 8,811K shares, representing 2.17% ownership of the company, but has seen a significant 53.35% decrease in its portfolio allocation in OTIS over the last quarter.
Otis Worldwide Background and Overview
Otis Worldwide Corporation is a global leader in the manufacture, installation, and servicing of elevators and escalators. With a significant presence in more than 200 countries and territories, Otis Worldwide moves 2 billion people a day and maintains over 2 million customer units worldwide. The company’s commitment to meeting the diverse needs of its customers and passengers reflects in its workforce of 69,000 people, including 40,000 field professionals.
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