Analysts Set Otis Worldwide Co. (NYSE:OTIS) Price Target at $98.57

Otis Worldwide Co. (NYSE:OTIS) has earned an average rating of “Hold” from the nine brokerages that are presently covering the stock, Marketbeat Ratings reports. Seven equities research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $100.00.

A number of research firms have recently commented on OTIS. Wells Fargo & Company cut their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, July 25th. Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research note on Thursday. Finally, Morgan Stanley assumed coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target for the company.

Otis Worldwide Price Performance

NYSE:OTIS opened at $96.41 on Tuesday. The company has a market capitalization of $38.98 billion, a P/E ratio of 27.86 and a beta of 1.03. The business has a fifty day simple moving average of $94.38 and a two-hundred day simple moving average of $95.92. Otis Worldwide has a 1 year low of $73.32 and a 1 year high of $100.84.

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

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date of this dividend was Friday, August 16th. Otis Worldwide’s dividend payout ratio (DPR) is presently 45.09%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in OTIS. Vanguard Group Inc. increased its holdings in Otis Worldwide by 14.8% during the 4th quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock valued at $4,095,342,000 after purchasing an additional 5,913,933 shares during the period. Massachusetts Financial Services Co. MA increased its stake in shares of Otis Worldwide by 12.4% during the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock valued at $793,945,000 after buying an additional 907,972 shares during the period. Norges Bank bought a new position in shares of Otis Worldwide during the fourth quarter valued at approximately $628,855,000. PineStone Asset Management Inc. lifted its stake in Otis Worldwide by 138.3% in the second quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock worth $429,717,000 after acquiring an additional 2,590,780 shares during the period. Finally, Sarasin & Partners LLP boosted its holdings in Otis Worldwide by 27.2% in 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 in the last quarter. Institutional investors own 88.03% of the company’s stock.

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.