Otis Worldwide (NYSE:OTIS) Hits New 12-Month High After Analyst Upgrade

Otis Worldwide Co. (NYSE:OTIS)’s share price reached a new 52-week high on Thursday after Barclays raised their price target on the stock from $90.00 to $96.00. Barclays currently has an equal weight rating on the stock. Otis Worldwide traded as high as $105.25 and last traded at $105.15, with a volume of 351514 shares trading hands. The stock had previously closed at $104.81.

Several other analysts have also issued reports on OTIS. Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Morgan Stanley initiated coverage on Otis Worldwide in a research note on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective on the stock. Finally, Wells Fargo & Company decreased 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. Seven research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $100.86.

Institutional Investors Weigh In On Otis Worldwide

Hedge funds have recently added to or reduced their stakes in the business. Meeder Asset Management Inc. grew its stake in shares of Otis Worldwide by 264.9% in the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after acquiring an additional 196 shares in the last quarter. Cranbrook Wealth Management LLC raised its stake in shares of Otis Worldwide by 675.7% during the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after acquiring an additional 250 shares during the last quarter. Jamison Private Wealth Management Inc. lifted its holdings in Otis Worldwide by 5,720.0% during the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after buying an additional 286 shares during the period. Hantz Financial Services Inc. acquired a new position in shares of Otis Worldwide in the second quarter worth approximately $29,000. Finally, LifeSteps Financial Inc. acquired a new position in shares of Otis Worldwide in the 1st quarter worth approximately $31,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Price Performance

The firm’s fifty day moving average is $95.08 and its 200-day moving average is $96.24. The firm has a market cap of $41.88 billion, a price-to-earnings ratio of 30.22 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 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 business had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.74 billion. During the same period last year, the company posted $0.92 earnings per share. The business’s quarterly revenue was down 3.2% on a year-over-year basis. As a group, equities research analysts anticipate that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were paid a dividend of $0.39 per share. The ex-dividend date 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 presently 45.09%.

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.