Barclays Issues Pessimistic Forecast for Otis Worldwide (NYSE:OTIS) Stock Price

Otis Worldwide (NYSE:OTIS) had its price objective lowered by Barclays from $94.00 to $91.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The brokerage currently has an underweight rating on the stock.

A number of other research firms have also weighed in on OTIS. UBS Group assumed coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price on the stock. Wells Fargo & Company decreased their target price on shares of Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Tuesday. Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research note on Thursday, December 12th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $103.50.

Otis Worldwide Stock Down 0.4 %

OTIS stock opened at $91.74 on Wednesday. The company’s 50-day simple moving average is $97.87 and its 200-day simple moving average is $97.47. Otis Worldwide has a 52-week low of $85.42 and a 52-week high of $106.33. The firm has a market cap of $36.65 billion, a P/E ratio of 22.88 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.01). The firm had revenue of $3.55 billion for the quarter, compared to analysts’ expectations 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 revenue was up .7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.95 earnings per share. On average, analysts anticipate that Otis Worldwide will post 3.86 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were issued a $0.39 dividend. The ex-dividend date was Friday, November 15th. This represents a $1.56 annualized dividend and a yield of 1.70%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the transaction, the executive vice president now owns 9,992 shares of the company’s stock, valued at $1,009,391.84. This trade represents a 47.39 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.23% of the stock is owned by insiders.

Institutional Investors Weigh In On Otis Worldwide

Several institutional investors have recently modified their holdings of OTIS. Riverview Trust Co purchased a new stake in Otis Worldwide in the third quarter valued at $25,000. Meeder Asset Management Inc. increased its stake 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 purchasing an additional 196 shares during the period. Cranbrook Wealth Management LLC increased its stake in Otis Worldwide by 675.7% in the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after purchasing an additional 250 shares during the period. Northwest Investment Counselors LLC acquired a new position in Otis Worldwide in the third quarter valued at $28,000. Finally, Ashton Thomas Securities LLC acquired a new position in Otis Worldwide in the third quarter valued at $29,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

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.