Otis Worldwide (NYSE:OTIS) Price Target Raised to $92.00

Otis Worldwide (NYSE:OTIS) had its price target increased by Barclays from $91.00 to $92.00 in a research note published on Wednesday morning,Benzinga reports. The firm currently has an underweight rating on the stock.

OTIS has been the subject of several other reports. Wells Fargo & Company cut their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, January 30th. JPMorgan Chase & Co. reduced their target price on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Finally, Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a research note on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Otis Worldwide has an average rating of “Hold” and an average target price of $103.00.

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $102.08 on Wednesday. The business’s fifty day moving average is $98.69 and its two-hundred day moving average is $98.63. Otis Worldwide has a 52 week low of $90.12 and a 52 week high of $106.83. The firm has a market cap of $40.48 billion, a P/E ratio of 25.14 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. On average, equities research analysts predict that Otis Worldwide will post 4.04 earnings per share for the current year.

Otis Worldwide declared that its board has approved a stock buyback program on Thursday, January 16th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.53%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Insider Transactions at Otis Worldwide

In other news, EVP Nora E. Lafreniere sold 4,775 shares of the stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $450,807.75. Following the completion of the transaction, the executive vice president now directly owns 24,927 shares of the company’s stock, valued at $2,353,358.07. This represents a 16.08 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Judith Fran Marks sold 38,012 shares of the firm’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the sale, the chief executive officer now owns 245,883 shares of the company’s stock, valued at approximately $23,213,814.03. The trade was a 13.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 112,281 shares of company stock worth $10,747,553 in the last 90 days. Insiders own 0.23% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Advisors Asset Management Inc. lifted its position in shares of Otis Worldwide by 3.6% during the third quarter. Advisors Asset Management Inc. now owns 9,173 shares of the company’s stock worth $953,000 after acquiring an additional 318 shares in the last quarter. Cerity Partners LLC raised its stake in shares of Otis Worldwide by 41.7% during the 3rd quarter. Cerity Partners LLC now owns 48,773 shares of the company’s stock valued at $5,070,000 after purchasing an additional 14,348 shares during the period. Kingsview Wealth Management LLC lifted its holdings in Otis Worldwide by 13.1% during the 3rd quarter. Kingsview Wealth Management LLC now owns 7,102 shares of the company’s stock worth $738,000 after purchasing an additional 820 shares in the last quarter. Daiwa Securities Group Inc. boosted its stake in Otis Worldwide by 11.1% in the 3rd quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock worth $5,111,000 after purchasing an additional 4,918 shares during the period. Finally, DRW Securities LLC purchased a new position in Otis Worldwide during the 3rd quarter valued at about $467,000. Institutional investors 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.