Barclays Cuts Otis Worldwide (NYSE:OTIS) Price Target to $91.00

Otis Worldwide (NYSE:OTIS) had its target price cut by Barclays from $94.00 to $91.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have an underweight rating on the stock.

Several other research firms have also commented on OTIS. UBS Group began coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target for the company. Wolfe Research downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a report on Thursday, December 12th. Royal Bank of Canada restated an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. Finally, Wells Fargo & Company cut their price objective on shares of Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a report on Tuesday. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $103.50.

Otis Worldwide Trading Down 1.1 %

Shares of OTIS opened at $90.78 on Wednesday. The firm has a market capitalization of $36.26 billion, a P/E ratio of 22.64 and a beta of 1.06. Otis Worldwide has a 12-month low of $85.42 and a 12-month high of $106.33. The firm has a fifty day moving average price of $97.57 and a 200-day moving average price of $97.38.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The business had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm’s revenue was up .7% compared to the same quarter last year. During the same period last year, the company earned $0.95 earnings per share. Analysts predict that Otis Worldwide will post 3.86 earnings per share for the current year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 1.72%. Otis Worldwide’s payout ratio is 38.90%.

Insider Activity

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

Institutional Trading of Otis Worldwide

Institutional investors and hedge funds have recently bought and sold shares of the business. Appian Way Asset Management LP purchased a new stake in Otis Worldwide during the second quarter worth about $991,000. M&T Bank Corp grew its position in shares of Otis Worldwide by 11.2% during the third quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock worth $19,123,000 after buying an additional 18,536 shares in the last quarter. Daiwa Securities Group Inc. grew its position in shares of Otis Worldwide by 11.1% during the third quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock worth $5,111,000 after buying an additional 4,918 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Otis Worldwide by 41.0% during the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock worth $2,918,223,000 after buying an additional 8,161,946 shares in the last quarter. Finally, Blair William & Co. IL grew its position in shares of Otis Worldwide by 64.7% during the second quarter. Blair William & Co. IL now owns 24,544 shares of the company’s stock worth $2,363,000 after buying an additional 9,643 shares in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

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.