Otis Worldwide (NYSE:OTIS) Sets New 12-Month High – Here’s Why

by · The Markets Daily

Otis Worldwide Co. (NYSE:OTIS – Get Free Report) shares reached a new 52-week high during trading on Monday . The stock traded as high as $105.79 and last traded at $105.66, with a volume of 757516 shares. The stock had previously closed at $104.03.

Wall Street Analyst Weigh In

A number of analysts have weighed in on OTIS shares. Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Morgan Stanley began coverage on Otis Worldwide in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price on the stock. 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. Wells Fargo & Company raised their target price on Otis Worldwide from $95.00 to $108.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Finally, Barclays lifted their price target on shares of Otis Worldwide from $90.00 to $96.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Otis Worldwide presently has an average rating of “Hold” and a consensus target price of $102.71.

Check Out Our Latest Research Report on OTIS

Otis Worldwide Trading Up 0.6 %

The firm has a market capitalization of $42.51 billion, a price-to-earnings ratio of 30.42 and a beta of 1.03. The firm has a 50 day moving average price of $96.67 and a two-hundred day moving average price of $96.46.

Otis Worldwide (NYSE:OTIS – Get Free Report) last released its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.74 billion. During the same quarter in the prior year, the business earned $0.92 earnings per share. The business’s quarterly revenue was down 3.2% compared to the same quarter last year. As a group, research analysts forecast that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.48%. The ex-dividend date was Friday, August 16th. Otis Worldwide’s dividend payout ratio is presently 45.09%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Centaurus Financial Inc. raised its position in shares of Otis Worldwide by 9.7% during the fourth quarter. Centaurus Financial Inc. now owns 3,351 shares of the company’s stock worth $300,000 after purchasing an additional 297 shares during the period. EP Wealth Advisors LLC increased its stake in shares of Otis Worldwide by 4.9% in the fourth quarter. EP Wealth Advisors LLC now owns 4,427 shares of the company’s stock valued at $396,000 after buying an additional 208 shares in the last quarter. American International Group Inc. lifted its holdings in Otis Worldwide by 0.3% in the fourth quarter. American International Group Inc. now owns 109,475 shares of the company’s stock valued at $9,795,000 after buying an additional 292 shares during the period. Quadrature Capital Ltd boosted its stake in Otis Worldwide by 49.5% in the fourth quarter. Quadrature Capital Ltd now owns 12,728 shares of the company’s stock valued at $1,139,000 after acquiring an additional 4,216 shares during the last quarter. Finally, HighPoint Advisor Group LLC acquired a new stake in Otis Worldwide during the 4th quarter worth $957,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

About Otis Worldwide

(Get Free Report)

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.

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