Otis Worldwide (NYSE:OTIS) PT Raised to $108.00 at Wells Fargo & Company

Otis Worldwide (NYSE:OTIS) had its target price upped by Wells Fargo & Company from $95.00 to $108.00 in a report released on Monday morning, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

Several other brokerages have also commented on OTIS. Barclays lifted their price objective on shares of Otis Worldwide from $90.00 to $96.00 and gave the stock an equal weight rating in a research report on Wednesday, October 2nd. Morgan Stanley initiated coverage on Otis Worldwide in a research note on Friday, September 6th. They issued an equal weight rating and a $97.00 price objective on the stock. Finally, Royal Bank of Canada reissued an outperform rating and set a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and a consensus price target of $102.71.

Otis Worldwide Stock Up 0.1 %

OTIS stock opened at $102.99 on Monday. The firm has a market cap of $41.25 billion, a PE ratio of 28.77 and a beta of 1.03. The business has a 50 day moving average of $96.01 and a 200-day moving average of $96.38. Otis Worldwide has a 12-month low of $73.32 and a 12-month high of $105.39.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 negative return on equity of 31.65% and a net margin of 10.35%. The business’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.92 EPS. On average, research analysts expect that Otis Worldwide will post 3.88 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.51%. The ex-dividend date was Friday, August 16th. Otis Worldwide’s dividend payout ratio (DPR) is presently 43.58%.

Institutional Trading of Otis Worldwide

A number of institutional investors have recently added to or reduced their stakes in OTIS. Nordea Investment Management AB increased its position in shares of Otis Worldwide by 19.6% during the first quarter. Nordea Investment Management AB now owns 463,190 shares of the company’s stock valued at $46,138,000 after buying an additional 75,878 shares during the period. First Eagle Investment Management LLC increased its holdings in Otis Worldwide by 173.7% during the 1st quarter. First Eagle Investment Management LLC now owns 20,048 shares of the company’s stock worth $1,990,000 after acquiring an additional 12,722 shares during the period. Appian Way Asset Management LP purchased a new stake in Otis Worldwide in the 2nd quarter worth approximately $991,000. Cetera Investment Advisers boosted its holdings in Otis Worldwide by 259.1% in the 1st quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock valued at $4,603,000 after purchasing an additional 33,457 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Otis Worldwide by 0.9% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,009,178 shares of the company’s stock valued at $100,181,000 after purchasing an additional 9,145 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

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.