Otis Worldwide (NYSE:OTIS) PT Raised to $108.00

by · The Cerbat Gem

Otis Worldwide (NYSE:OTIS – Free Report) had its target price boosted by Wells Fargo & Company from $95.00 to $108.00 in a research note published on Monday morning, Benzinga reports. They currently have an equal weight rating on the stock.

Other analysts also recently issued research reports about the company. 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 target price on the stock. Barclays lifted their price objective on shares of Otis Worldwide from $90.00 to $96.00 and gave the company an equal weight rating in a research report on Wednesday, October 2nd. Finally, Royal Bank of Canada reaffirmed an outperform rating and set a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average price target of $102.71.

Get Our Latest Research Report on OTIS

Otis Worldwide Trading Up 1.7 %

NYSE OTIS opened at $102.90 on Monday. Otis Worldwide has a 12 month low of $73.32 and a 12 month high of $105.39. The stock has a market cap of $41.60 billion, a price-to-earnings ratio of 29.74 and a beta of 1.03. The company’s 50 day moving average is $95.84 and its two-hundred day moving average is $96.33.

Otis Worldwide (NYSE:OTIS – Get Free Report) last released its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, beating 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 company had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.74 billion. During the same quarter in the previous year, the company earned $0.92 EPS. Otis Worldwide’s revenue for the quarter was down 3.2% on a year-over-year basis. Sell-side analysts forecast that Otis Worldwide will post 3.88 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 16th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.52%. The ex-dividend date was Friday, August 16th. Otis Worldwide’s dividend payout ratio is presently 45.09%.

Hedge Funds Weigh In On Otis Worldwide

Institutional investors and hedge funds have recently made changes to their positions in the business. Seven Eight Capital LP bought a new position in shares of Otis Worldwide in the 4th quarter valued at about $942,000. Quadrature Capital Ltd boosted its holdings in shares of Otis Worldwide by 49.5% in the 4th quarter. Quadrature Capital Ltd now owns 12,728 shares of the company’s stock worth $1,139,000 after purchasing an additional 4,216 shares during the period. Ossiam increased its position in shares of Otis Worldwide by 30.4% during the 4th quarter. Ossiam now owns 21,877 shares of the company’s stock valued at $1,957,000 after purchasing an additional 5,095 shares during the last quarter. Elo Mutual Pension Insurance Co lifted its position in Otis Worldwide by 3.9% in the fourth quarter. Elo Mutual Pension Insurance Co now owns 35,948 shares of the company’s stock worth $3,216,000 after buying an additional 1,357 shares during the last quarter. Finally, Nomura Holdings Inc. purchased a new position in Otis Worldwide during the fourth quarter worth $4,569,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

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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