Barclays Lowers Otis Worldwide (NYSE:OTIS) Price Target to $94.00

Otis Worldwide (NYSE:OTIS) had its price target reduced by Barclays from $96.00 to $94.00 in a research note issued to investors on Thursday, Benzinga reports. Barclays currently has an equal weight rating on the stock.

A number of other equities research analysts also recently commented on OTIS. Morgan Stanley initiated coverage on Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price for the company. Wells Fargo & Company lifted their price objective on shares of Otis Worldwide from $95.00 to $108.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. Finally, Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $102.00.

Otis Worldwide Trading Up 1.3 %

Shares of Otis Worldwide stock opened at $99.44 on Thursday. The firm’s 50 day simple moving average is $99.11 and its two-hundred day simple moving average is $96.90. The firm has a market capitalization of $39.83 billion, a price-to-earnings ratio of 24.80 and a beta of 1.04. Otis Worldwide has a 12-month low of $77.51 and a 12-month high of $106.33.

Otis Worldwide (NYSE:OTIS) last released 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). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The firm had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same period in the previous year, the company earned $0.95 earnings per share. Otis Worldwide’s revenue was up .7% on a year-over-year basis. On average, sell-side analysts predict that Otis Worldwide will post 3.85 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be given a $0.39 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.57%. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.90%.

Hedge Funds Weigh In On Otis Worldwide

Hedge funds have recently bought and sold shares of the business. Massachusetts Financial Services Co. MA raised its position in shares of Otis Worldwide by 12.4% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock worth $793,945,000 after purchasing an additional 907,972 shares during the last quarter. PineStone Asset Management Inc. raised its position in 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 purchasing an additional 2,590,780 shares during the period. Sarasin & Partners LLP lifted its position in 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 buying an additional 883,659 shares during the last quarter. Legal & General Group Plc lifted its holdings in shares of Otis Worldwide by 0.4% in the 2nd quarter. Legal & General Group Plc now owns 3,660,401 shares of the company’s stock worth $352,351,000 after acquiring an additional 15,021 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Otis Worldwide by 4.1% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,191,118 shares of the company’s stock worth $316,782,000 after purchasing an additional 126,684 shares in the last quarter. Hedge funds and other 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.