Otis Worldwide (NYSE:OTIS) Price Target Cut to $105.00 by Analysts at Wells Fargo & Company

Otis Worldwide (NYSE:OTIS) had its price target decreased by Wells Fargo & Company from $108.00 to $105.00 in a research note released on Thursday, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

A number of other brokerages have also commented on OTIS. Morgan Stanley started coverage on Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. Barclays decreased their price target on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a research note on Thursday. Finally, Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $102.00.

Otis Worldwide Stock Performance

NYSE OTIS opened at $99.44 on Thursday. The stock has a market cap of $39.83 billion, a price-to-earnings ratio of 24.80 and a beta of 1.04. The business has a 50 day simple moving average of $99.11 and a 200 day simple moving average of $96.91. Otis Worldwide has a 52-week low of $77.51 and a 52-week high of $106.33.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.01). The company had revenue of $3.55 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the prior year, the company earned $0.95 EPS. On average, analysts predict that Otis Worldwide will post 3.85 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be issued a dividend of $0.39 per share. The ex-dividend date is Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a yield of 1.57%. Otis Worldwide’s payout ratio is 38.90%.

Institutional Trading of Otis Worldwide

A number of large investors have recently added to or reduced their stakes in the company. Riverview Trust Co acquired a new position in shares of Otis Worldwide during the 3rd quarter worth about $25,000. Meeder Asset Management Inc. increased its position in Otis Worldwide by 264.9% during the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after buying an additional 196 shares during the last quarter. Jamison Private Wealth Management Inc. raised 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 buying an additional 286 shares during the period. Cranbrook Wealth Management LLC lifted its position in shares of 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 buying an additional 250 shares during the last quarter. Finally, Northwest Investment Counselors LLC bought a new position in shares of Otis Worldwide during the 3rd quarter worth approximately $28,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

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.