Otis Worldwide (NYSE:OTIS) Price Target Lowered to $100.00 at Wells Fargo & Company

Otis Worldwide (NYSE:OTIS) had its price objective decreased by Wells Fargo & Company from $105.00 to $100.00 in a research report report published on Tuesday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

A number of other equities analysts also recently weighed in on the stock. Wolfe Research downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a research note on Thursday, December 12th. UBS Group assumed coverage on Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price on the stock. Barclays lowered Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 price target for the company. in a report on Thursday, December 5th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and an average target price of $103.50.

Otis Worldwide Trading Down 0.4 %

Shares of Otis Worldwide stock opened at $91.74 on Tuesday. Otis Worldwide has a 1 year low of $85.42 and a 1 year high of $106.33. The company has a market cap of $36.65 billion, a P/E ratio of 22.88 and a beta of 1.06. The stock has a 50-day moving average price of $97.74 and a 200 day moving average price of $97.43.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.01). The company had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The business’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.95 earnings per share. On average, equities analysts forecast that Otis Worldwide will post 3.86 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide’s dividend payout ratio is 38.90%.

Insider Transactions 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 stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the sale, 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 transaction was disclosed in a filing with the SEC, which is available through this link. 0.23% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Otis Worldwide

Several hedge funds have recently modified their holdings of OTIS. Appian Way Asset Management LP bought a new stake in Otis Worldwide in the 2nd quarter valued at $991,000. M&T Bank Corp lifted its stake in shares of Otis Worldwide by 11.2% in the third quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock valued at $19,123,000 after buying an additional 18,536 shares during the period. Daiwa Securities Group Inc. grew its position in Otis Worldwide by 11.1% during the third quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock worth $5,111,000 after buying an additional 4,918 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Otis Worldwide by 41.0% during the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after acquiring an additional 8,161,946 shares during the period. Finally, Blair William & Co. IL raised its holdings in Otis Worldwide by 64.7% in the 2nd quarter. Blair William & Co. IL now owns 24,544 shares of the company’s stock valued at $2,363,000 after acquiring an additional 9,643 shares in the last quarter. 88.03% of the stock is owned by 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.