Otis Worldwide (NYSE:OTIS) Price Target Raised to $96.00

Otis Worldwide (NYSE:OTIS) had its price target raised by Barclays from $90.00 to $96.00 in a report issued on Wednesday morning, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

A number of other research firms have also issued reports on OTIS. Royal Bank of Canada restated an outperform rating and issued a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Wells Fargo & Company cut their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an equal weight rating for the company in a research report on Thursday, July 25th. Finally, Morgan Stanley initiated coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They set an equal weight rating and a $97.00 target price on the stock. Seven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Otis Worldwide presently has a consensus rating of Hold and a consensus price target of $100.86.

Otis Worldwide Price Performance

Shares of OTIS opened at $104.56 on Wednesday. Otis Worldwide has a 1-year low of $73.32 and a 1-year high of $105.39. The firm has a 50 day simple moving average of $95.30 and a 200-day simple moving average of $96.29. The stock has a market cap of $42.28 billion, a price-to-earnings ratio of 30.22 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.03. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.74 billion. During the same quarter last year, the business posted $0.92 earnings per share. Otis Worldwide’s revenue was down 3.2% compared to the same quarter last year. On average, equities analysts expect that Otis Worldwide will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were issued a $0.39 dividend. The ex-dividend date was Friday, August 16th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.49%. Otis Worldwide’s dividend payout ratio (DPR) is presently 45.09%.

Institutional Trading of Otis Worldwide

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Meeder Asset Management Inc. boosted its holdings in Otis Worldwide by 264.9% in the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after acquiring an additional 196 shares during the last quarter. Jamison Private Wealth Management Inc. raised its holdings in shares of Otis Worldwide by 5,720.0% in the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after purchasing an additional 286 shares during the period. Cranbrook Wealth Management LLC lifted its stake in shares of Otis Worldwide by 675.7% in the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after purchasing an additional 250 shares in the last quarter. Hantz Financial Services Inc. purchased a new stake in shares of Otis Worldwide during the 2nd quarter worth about $29,000. Finally, LifeSteps Financial Inc. acquired a new stake in Otis Worldwide during the 1st quarter worth approximately $31,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

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.