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

Otis Worldwide (NYSE:OTIS) had its price target upped by Wells Fargo & Company from $98.00 to $100.00 in a report released on Wednesday morning, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

A number of other analysts also recently issued reports on the stock. Melius initiated coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They set a hold rating for the company. Barclays increased their price objective on shares of Otis Worldwide from $85.00 to $90.00 and gave the stock an equal weight rating in a research report on Tuesday, April 2nd. Argus raised their target price on shares of Otis Worldwide from $102.00 to $108.00 and gave the company a buy rating in a research note on Monday, May 13th. Finally, JPMorgan Chase & Co. upped their price target on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a neutral rating in a research report on Thursday, April 25th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $99.67.

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $100.21 on Wednesday. Otis Worldwide has a 1 year low of $73.32 and a 1 year high of $100.84. The firm has a 50 day moving average price of $96.97 and a 200 day moving average price of $94.44. The company has a market cap of $40.52 billion, a price-to-earnings ratio of 28.96 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data 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. The company had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.44 billion. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. Sell-side analysts predict that Otis Worldwide will post 3.88 EPS for the current year.

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 17th were paid a $0.39 dividend. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Thursday, May 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.56%. Otis Worldwide’s payout ratio is 45.09%.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total value of $2,844,803.16. Following the transaction, the executive vice president now directly owns 15,570 shares of the company’s stock, valued at approximately $1,458,753.30. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.23% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Otis Worldwide

Several hedge funds and other institutional investors have recently modified their holdings of OTIS. Cambridge Investment Research Advisors Inc. increased its holdings in Otis Worldwide by 0.3% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 32,048 shares of the company’s stock valued at $3,181,000 after buying an additional 110 shares during the last quarter. Hancock Whitney Corp increased its holdings in shares of Otis Worldwide by 4.6% in the 1st quarter. Hancock Whitney Corp now owns 2,549 shares of the company’s stock valued at $253,000 after acquiring an additional 111 shares during the last quarter. Tritonpoint Wealth LLC raised its position in shares of Otis Worldwide by 4.1% during the 1st quarter. Tritonpoint Wealth LLC now owns 2,869 shares of the company’s stock valued at $285,000 after acquiring an additional 113 shares in the last quarter. Bleakley Financial Group LLC lifted its stake in Otis Worldwide by 1.2% during the first quarter. Bleakley Financial Group LLC now owns 9,726 shares of the company’s stock worth $965,000 after purchasing an additional 117 shares during the last quarter. Finally, Private Trust Co. NA boosted its holdings in Otis Worldwide by 0.9% in the first quarter. Private Trust Co. NA now owns 12,931 shares of the company’s stock worth $1,284,000 after purchasing an additional 118 shares during the period. Institutional investors own 88.03% of the company’s stock.

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.