Brokerages Set Otis Worldwide Co. (NYSE:OTIS) Target Price at $104.50

Shares of Otis Worldwide Co. (NYSE:OTIS) have received an average recommendation of “Hold” from the nine analysts that are covering the stock, Marketbeat.com reports. 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. The average 12 month target price among analysts that have issued a report on the stock in the last year is $104.50.

Several analysts have commented on the company. Wells Fargo & Company reduced their price objective on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. Morgan Stanley assumed coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective 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 objective for the company. in a research report on Thursday, December 12th. Finally, Barclays downgraded shares of Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 target price on the stock. in a report on Thursday, December 5th.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the sale, the executive vice president now directly owns 9,992 shares in the company, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.23% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Appian Way Asset Management LP purchased a new stake in Otis Worldwide in the 2nd quarter valued at approximately $991,000. M&T Bank Corp raised its holdings 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 worth $19,123,000 after acquiring an additional 18,536 shares during the last quarter. Daiwa Securities Group Inc. lifted its position in shares of Otis Worldwide by 11.1% in the third quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock valued at $5,111,000 after acquiring an additional 4,918 shares in the last quarter. Blair William & Co. IL boosted its stake in shares of Otis Worldwide by 64.7% during the second 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 during the last quarter. Finally, Public Sector Pension Investment Board increased its position in Otis Worldwide by 3.2% during the 2nd quarter. Public Sector Pension Investment Board now owns 198,871 shares of the company’s stock worth $19,143,000 after purchasing an additional 6,259 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Trading Up 0.0 %

Shares of OTIS opened at $92.61 on Thursday. The company’s 50 day simple moving average is $98.95 and its 200-day simple moving average is $97.65. The firm has a market cap of $36.99 billion, a PE ratio of 23.09 and a beta of 1.04. Otis Worldwide has a 12-month low of $85.42 and a 12-month high of $106.33.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data 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 negative return on equity of 31.28% and a net margin of 11.48%. The business had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same period in the previous year, the business posted $0.95 earnings per share. The company’s revenue for the quarter was up .7% on a year-over-year basis. As a group, equities research analysts forecast that Otis Worldwide will post 3.86 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.68%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide’s dividend payout ratio is currently 38.90%.

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.