Otis Worldwide (NYSE:OTIS) Hits New 1-Year High on Analyst Upgrade

Shares of Otis Worldwide Co. (NYSE:OTIS) 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. The stock had previously closed at $104.81.

OTIS has been the subject of a number of other reports. 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 target for the company. Wells Fargo & Company dropped their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, July 25th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Seven analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $100.86.

Institutional Trading of Otis Worldwide

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

Otis Worldwide Trading Up 0.2 %

The firm’s fifty day moving average price is $94.86 and its 200-day moving average price is $96.19. The firm has a market cap of $42.08 billion, a price-to-earnings ratio of 30.29 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.03 by $0.03. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.74 billion. During the same quarter last year, the company posted $0.92 earnings per share. The business’s revenue was down 3.2% on a year-over-year basis. On average, sell-side analysts expect that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 16th were issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date was Friday, August 16th. Otis Worldwide’s dividend payout ratio 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.