Otis Worldwide (NYSE:OTIS) Price Target Lowered to $95.00 at Wells Fargo & Company

Otis Worldwide (NYSE:OTIS) had its target price trimmed by Wells Fargo & Company from $100.00 to $95.00 in a research note published on Thursday morning, Benzinga reports. The firm currently has an equal weight rating on the stock.

Several other equities analysts also recently commented on the company. Barclays upped their target price on Otis Worldwide from $85.00 to $90.00 and gave the company an equal weight rating in a research report on Tuesday, April 2nd. JPMorgan Chase & Co. increased their price target on Otis Worldwide from $104.00 to $105.00 and gave the stock a neutral rating in a research report on Thursday, April 25th. Argus increased their price target on Otis Worldwide from $102.00 to $108.00 and gave the stock a buy rating in a research report on Monday, May 13th. Finally, Melius began coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They set a hold rating on the stock. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Otis Worldwide has an average rating of Hold and an average price target of $98.83.

Otis Worldwide Stock Up 1.7 %

NYSE:OTIS opened at $93.02 on Thursday. The stock’s 50 day moving average price is $97.26 and its two-hundred day moving average price is $94.98. The firm has a market capitalization of $37.61 billion, a price-to-earnings ratio of 26.88 and a beta of 1.03. Otis Worldwide has a 12-month low of $73.32 and a 12-month high of $100.84.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, July 24th. The company reported $1.06 EPS for the quarter, beating the consensus estimate of $1.03 by $0.03. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.74 billion. During the same quarter in the prior year, the business earned $0.92 earnings per share. The firm’s revenue for the quarter was down 3.2% on a year-over-year basis. Equities research analysts expect that Otis Worldwide will post 3.88 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 6th. Shareholders of record on Friday, August 16th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.68%. Otis Worldwide’s dividend payout ratio is presently 45.09%.

Insider Activity

In other news, EVP Peiming Zheng sold 30,364 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total value of $2,844,803.16. Following the completion of the transaction, the executive vice president now directly owns 15,570 shares in the company, valued at approximately $1,458,753.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.23% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Nordea Investment Management AB lifted its stake in shares of Otis Worldwide by 19.6% in the 1st quarter. Nordea Investment Management AB now owns 463,190 shares of the company’s stock valued at $46,138,000 after purchasing an additional 75,878 shares during the period. Stevens Capital Management LP increased its position in Otis Worldwide by 142.1% in the 4th quarter. Stevens Capital Management LP now owns 7,555 shares of the company’s stock valued at $676,000 after buying an additional 4,435 shares in the last quarter. International Assets Investment Management LLC increased its position in Otis Worldwide by 13,638.0% in the 4th quarter. International Assets Investment Management LLC now owns 151,667 shares of the company’s stock valued at $13,570,000 after buying an additional 150,563 shares in the last quarter. Johnson Investment Counsel Inc. increased its position in Otis Worldwide by 1.9% in the 4th quarter. Johnson Investment Counsel Inc. now owns 9,329 shares of the company’s stock valued at $835,000 after buying an additional 175 shares in the last quarter. Finally, Smith Salley & Associates bought a new stake in Otis Worldwide in the 4th quarter valued at about $1,113,000. 88.03% of the stock is owned by 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.