Barclays Boosts Otis Worldwide (NYSE:OTIS) Price Target to $96.00

Otis Worldwide (NYSE:OTIS) had its target price upped by Barclays from $90.00 to $96.00 in a research note released on Wednesday, Benzinga reports. Barclays currently has an equal weight rating on the stock.

Several other analysts also recently commented on the company. Wells Fargo & Company reduced their price objective on Otis Worldwide from $100.00 to $95.00 and set an equal weight rating for the company in a research note on Thursday, July 25th. Morgan Stanley assumed coverage on Otis Worldwide in a research note on Friday, September 6th. They set an equal weight rating and a $97.00 price target for the company. Finally, Royal Bank of Canada reiterated an outperform rating and issued a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. Seven investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of Hold and an average price target of $100.86.

Otis Worldwide Trading Up 0.2 %

OTIS stock opened at $104.56 on Wednesday. The company has a market capitalization of $41.88 billion, a P/E ratio of 30.22 and a beta of 1.03. The business has a 50 day simple moving average of $95.08 and a 200-day simple moving average of $96.24. Otis Worldwide has a twelve month low of $73.32 and a twelve month high of $105.39.

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

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.49%. The ex-dividend date of this dividend was Friday, August 16th. Otis Worldwide’s payout ratio is 45.09%.

Hedge Funds Weigh In On Otis Worldwide

Institutional investors and hedge funds have recently made changes to their positions in the stock. TFO Wealth Partners LLC raised its stake in shares of Otis Worldwide by 10,400.0% during the 4th quarter. TFO Wealth Partners LLC now owns 420 shares of the company’s stock worth $38,000 after buying an additional 416 shares during the last quarter. NEOS Investment Management LLC raised its position in shares of Otis Worldwide by 34.5% during the 4th quarter. NEOS Investment Management LLC now owns 6,929 shares of the company’s stock worth $620,000 after purchasing an additional 1,779 shares during the last quarter. Rafferty Asset Management LLC lifted its position in shares of Otis Worldwide by 4.8% in the fourth quarter. Rafferty Asset Management LLC now owns 34,330 shares of the company’s stock valued at $3,072,000 after acquiring an additional 1,586 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of Otis Worldwide by 231.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 62,935 shares of the company’s stock valued at $5,631,000 after acquiring an additional 43,961 shares during the last quarter. Finally, Cibc World Markets Corp boosted its stake in shares of Otis Worldwide by 132.1% during the 4th quarter. Cibc World Markets Corp now owns 52,752 shares of the company’s stock worth $4,720,000 after purchasing an additional 30,026 shares during the last quarter. 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.