Brokerages Set Otis Worldwide Co. (NYSE:OTIS) Target Price at $104.50

Shares of Otis Worldwide Co. (NYSE:OTIS) have earned a consensus recommendation of “Hold” from the ten brokerages that are presently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and two have given a buy recommendation to the company. The average 1 year price target among brokers that have covered the stock in the last year is $104.50.

A number of research analysts have issued reports on the company. Morgan Stanley initiated coverage on Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective for the company. Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a research report on Thursday, December 12th. UBS Group began coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective for the company. Barclays downgraded Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 target price on the stock. in a report on Thursday, December 5th. Finally, Wells Fargo & Company dropped their price target on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st.

Insider Activity

In related news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the transaction, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.23% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Otis Worldwide

A number of large investors have recently bought and sold shares of the company. Appian Way Asset Management LP acquired a new position in shares of Otis Worldwide during the 2nd quarter worth about $991,000. M&T Bank Corp boosted its position in Otis Worldwide by 11.2% during the third quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock valued at $19,123,000 after purchasing an additional 18,536 shares during the last quarter. Daiwa Securities Group Inc. grew its stake in Otis Worldwide by 11.1% in the third quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock valued at $5,111,000 after purchasing an additional 4,918 shares in the last quarter. Blair William & Co. IL grew its stake in Otis Worldwide by 64.7% in the second quarter. Blair William & Co. IL now owns 24,544 shares of the company’s stock valued at $2,363,000 after purchasing an additional 9,643 shares in the last quarter. Finally, Public Sector Pension Investment Board increased its position in shares of Otis Worldwide by 3.2% during the 2nd quarter. Public Sector Pension Investment Board now owns 198,871 shares of the company’s stock worth $19,143,000 after purchasing an additional 6,259 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

NYSE OTIS opened at $93.52 on Thursday. Otis Worldwide has a twelve month low of $85.42 and a twelve month high of $106.33. The stock has a market cap of $37.36 billion, a PE ratio of 23.32 and a beta of 1.04. The firm has a 50-day simple moving average of $99.42 and a 200 day simple moving average of $97.72.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The firm had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The business’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.95 earnings per share. Research analysts forecast that Otis Worldwide will post 3.86 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were issued a $0.39 dividend. The ex-dividend date was Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 1.67%. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.90%.

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.