Otis Worldwide (NYSE:OTIS) PT Lowered to $98.00

Otis Worldwide (NYSE:OTIS) had its price target reduced by Wells Fargo & Company from $102.00 to $98.00 in a research report report published on Thursday, Benzinga reports. They currently have an equal weight rating on the stock.

A number of other equities research analysts have also weighed in on the company. Melius began coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They set a hold rating on the stock. Vertical Research lowered Otis Worldwide from a buy rating to a hold rating in a research note on Tuesday, January 2nd. Royal Bank of Canada restated an outperform rating and set a $100.00 price target on shares of Otis Worldwide in a research note on Monday, February 5th. Barclays boosted their price target on Otis Worldwide from $85.00 to $90.00 and gave the stock an equal weight rating in a research note on Tuesday, April 2nd. Finally, UBS Group boosted their price target on Otis Worldwide from $87.00 to $95.00 and gave the stock a neutral rating in a research note on Friday, February 16th. Six 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 has a consensus rating of Hold and a consensus target price of $96.86.

Otis Worldwide Price Performance

OTIS opened at $92.20 on Thursday. The business’s 50-day moving average is $96.44 and its two-hundred day moving average is $89.42. Otis Worldwide has a 1 year low of $73.32 and a 1 year high of $100.35. The firm has a market capitalization of $37.27 billion, a PE ratio of 26.65 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.87 by $0.01. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. The business had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.44 billion. As a group, sell-side analysts expect that Otis Worldwide will post 3.87 EPS for the current year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be issued a dividend of $0.39 per share. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.69%. Otis Worldwide’s payout ratio is 39.31%.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the transaction, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the transaction, the insider now directly owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the transaction, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Conning Inc. acquired a new position in shares of Otis Worldwide during the 1st quarter worth approximately $204,000. Pavion Blue Capital LLC acquired a new position in shares of Otis Worldwide during the 1st quarter worth approximately $214,000. LifeSteps Financial Inc. acquired a new position in shares of Otis Worldwide during the 1st quarter worth approximately $31,000. YHB Investment Advisors Inc. raised its stake in shares of Otis Worldwide by 7.1% during the 1st quarter. YHB Investment Advisors Inc. now owns 23,402 shares of the company’s stock worth $2,323,000 after buying an additional 1,560 shares during the period. Finally, ZWJ Investment Counsel Inc. acquired a new position in shares of Otis Worldwide during the 1st quarter worth approximately $283,000. 88.03% of the stock is owned by institutional investors and hedge funds.

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.