Otis Worldwide (NYSE:OTIS) Coverage Initiated at Morgan Stanley

Morgan Stanley assumed coverage on shares of Otis Worldwide (NYSE:OTIS) in a research report sent to investors on Friday morning, MarketBeat Ratings reports. The brokerage issued an equal weight rating and a $97.00 price objective on the stock.

Other research analysts have also issued research reports about the stock. Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an equal weight rating for the company in a research note on Thursday, July 25th. Argus increased their target price on shares of Otis Worldwide from $102.00 to $108.00 and gave the stock a buy rating in a research note on Monday, May 13th. Seven analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and a consensus price target of $98.57.

Otis Worldwide Stock Up 0.3 %

Shares of OTIS opened at $91.67 on Friday. The stock has a fifty day simple moving average of $94.78 and a two-hundred day simple moving average of $95.97. The company has a market capitalization of $37.06 billion, a PE ratio of 26.49 and a beta of 1.03. Otis Worldwide has a 52-week low of $73.32 and a 52-week high of $100.84.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, July 24th. The company reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03. The company had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.74 billion. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. Otis Worldwide’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.92 earnings per share. As a group, equities analysts anticipate that Otis Worldwide will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.70%. The ex-dividend date was Friday, August 16th. Otis Worldwide’s payout ratio is currently 45.09%.

Institutional Trading of Otis Worldwide

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Otis Worldwide by 14.8% in the fourth quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock valued at $4,095,342,000 after acquiring an additional 5,913,933 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Otis Worldwide by 12.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock valued at $793,945,000 after acquiring an additional 907,972 shares in the last quarter. Norges Bank acquired a new stake in shares of Otis Worldwide in the fourth quarter valued at $628,855,000. PineStone Asset Management Inc. raised its stake in shares of Otis Worldwide by 138.3% in the second quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock valued at $429,717,000 after acquiring an additional 2,590,780 shares in the last quarter. Finally, Sarasin & Partners LLP raised its stake in shares of Otis Worldwide by 27.2% in the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock valued at $398,061,000 after acquiring an additional 883,659 shares in the last quarter. 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.