Otis Worldwide (NYSE:OTIS) Price Target Raised to $92.00 at Barclays

Otis Worldwide (NYSE:OTIS) had its target price raised by Barclays from $91.00 to $92.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an underweight rating on the stock.

Other equities research analysts have also issued research reports about the stock. Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target for the company. in a report on Thursday, December 12th. Wells Fargo & Company cut their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, January 30th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research note on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $103.00.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock opened at $102.73 on Wednesday. The firm has a 50-day simple moving average of $98.34 and a two-hundred day simple moving average of $98.53. Otis Worldwide has a fifty-two week low of $90.12 and a fifty-two week high of $106.83. The company has a market cap of $40.73 billion, a P/E ratio of 25.30 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. Equities research analysts forecast that Otis Worldwide will post 4.04 EPS for the current year.

Otis Worldwide announced that its board has approved a stock repurchase plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.52%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide’s dividend payout ratio is currently 38.42%.

Insider Buying and Selling

In other Otis Worldwide news, CEO Judith Fran Marks sold 38,012 shares of the business’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $3,588,712.92. Following the transaction, the chief executive officer now directly owns 245,883 shares in the company, valued at $23,213,814.03. The trade was a 13.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the sale, the insider now directly owns 63,931 shares of the company’s stock, valued at approximately $6,731,934.30. This trade represents a 9.43 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 112,281 shares of company stock worth $10,747,553. 0.23% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Otis Worldwide

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Transce3nd LLC acquired a new stake in shares of Otis Worldwide during the 4th quarter worth about $25,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Otis Worldwide during the fourth quarter valued at about $28,000. Fortitude Family Office LLC raised its stake in shares of Otis Worldwide by 485.5% in the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after acquiring an additional 267 shares during the period. Truvestments Capital LLC acquired a new position in shares of Otis Worldwide in the 3rd quarter worth approximately $36,000. Finally, Centricity Wealth Management LLC purchased a new position in shares of Otis Worldwide during the 4th quarter worth approximately $33,000. 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.