Otis Worldwide’s (OTIS) “Outperform” Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of Otis Worldwide (NYSE:OTIS) in a report issued on Thursday, Benzinga reports. They currently have a $110.00 price target on the stock.

A number of other research analysts have also weighed in on the company. Wells Fargo & Company dropped their target price on Otis Worldwide from $100.00 to $95.00 and set an equal weight rating on the stock in a report on Thursday, July 25th. Morgan Stanley began coverage on Otis Worldwide in a research note on Friday, September 6th. They set an equal weight rating and a $97.00 price objective on the stock. Seven analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Hold and an average target price of $100.00.

Otis Worldwide Price Performance

Shares of NYSE OTIS opened at $95.52 on Thursday. The business has a fifty day moving average price of $94.23 and a two-hundred day moving average price of $95.93. The stock has a market capitalization of $38.26 billion, a PE ratio of 27.61 and a beta of 1.03. Otis Worldwide has a fifty-two week low of $73.32 and a fifty-two week high of $100.84.

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

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.63%. The ex-dividend date was Friday, August 16th. Otis Worldwide’s dividend payout ratio is presently 45.09%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of OTIS. Vanguard Group Inc. grew its stake in shares of Otis Worldwide by 14.8% during the 4th quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock valued at $4,095,342,000 after acquiring an additional 5,913,933 shares during the period. Massachusetts Financial Services Co. MA boosted its position in shares of Otis Worldwide by 12.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock worth $793,945,000 after purchasing an additional 907,972 shares during the period. PineStone Asset Management Inc. raised its position in shares of Otis Worldwide by 138.3% during the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock valued at $429,717,000 after purchasing an additional 2,590,780 shares during the period. Sarasin & Partners LLP raised its holdings in Otis Worldwide by 27.2% during the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock valued at $398,061,000 after acquiring an additional 883,659 shares during the period. Finally, Legal & General Group Plc boosted its stake in shares of Otis Worldwide by 0.4% in the second quarter. Legal & General Group Plc now owns 3,660,401 shares of the company’s stock worth $352,351,000 after acquiring an additional 15,021 shares during the period. 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.