Otis Worldwide (NYSE:OTIS) Price Target Increased to $96.00 by Analysts at Barclays

Otis Worldwide (NYSE:OTIS) had its price target increased by Barclays from $90.00 to $96.00 in a research report released on Wednesday morning, Benzinga reports. They currently have an equal weight rating on the stock.

Other equities analysts also recently issued research reports about the stock. Wells Fargo & Company cut their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an equal weight rating on the stock in a research note on Thursday, July 25th. Royal Bank of Canada restated an outperform rating and set a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Finally, Morgan Stanley started coverage on Otis Worldwide in a research note on Friday, September 6th. They issued an equal weight rating and a $97.00 target price for the company. Seven analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Hold and an average target price of $100.86.

Otis Worldwide Trading Up 0.2 %

Shares of Otis Worldwide stock opened at $104.56 on Wednesday. The business’s fifty day moving average price is $95.08 and its 200 day moving average price is $96.24. Otis Worldwide has a twelve month low of $73.32 and a twelve month high of $105.39. The stock has a market capitalization of $41.88 billion, a P/E ratio of 30.22 and a beta of 1.03.

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

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 16th were paid a $0.39 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $1.56 dividend on an annualized basis and a yield of 1.49%. Otis Worldwide’s dividend payout ratio (DPR) is 45.09%.

Institutional Investors Weigh In On Otis Worldwide

A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Otis Worldwide by 14.8% during the 4th quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock worth $4,095,342,000 after purchasing an additional 5,913,933 shares during the period. Massachusetts Financial Services Co. MA increased its position in Otis Worldwide by 12.4% in the 2nd 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 during the period. PineStone Asset Management Inc. grew its position in Otis Worldwide by 138.3% in the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock valued at $429,717,000 after buying an additional 2,590,780 shares in the last quarter. Sarasin & Partners LLP increased its stake in shares of Otis Worldwide by 27.2% during 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 during the period. Finally, Legal & General Group Plc increased its position in shares of Otis Worldwide by 0.4% during the 2nd quarter. Legal & General Group Plc now owns 3,660,401 shares of the company’s stock valued at $352,351,000 after purchasing an additional 15,021 shares during the period. 88.03% of the stock is currently owned by institutional investors.

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.