Otis Worldwide (NYSE:OTIS) Rating Lowered to Peer Perform at Wolfe Research

Wolfe Research lowered shares of Otis Worldwide (NYSE:OTIS) from an outperform rating to a peer perform rating in a research note released on Tuesday morning, MarketBeat.com reports.

OTIS has been the topic of several other reports. Morgan Stanley assumed coverage on Otis Worldwide in a research note on Friday, September 6th. They issued an equal weight rating and a $97.00 price target on the stock. Royal Bank of Canada reiterated an outperform rating and set a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Barclays increased their target price on shares of Otis Worldwide from $90.00 to $96.00 and gave the stock an equal weight rating in a research note on Wednesday, October 2nd. Finally, Wells Fargo & Company lifted their price target on shares of Otis Worldwide from $95.00 to $108.00 and gave the company an equal weight rating in a research note on Monday. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $102.71.

Otis Worldwide Stock Up 0.1 %

OTIS opened at $102.99 on Tuesday. Otis Worldwide has a twelve month low of $73.32 and a twelve month high of $105.39. The company has a fifty day moving average of $96.01 and a 200-day moving average of $96.38. The stock has a market cap of $41.25 billion, a PE ratio of 28.77 and a beta of 1.03.

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 the consensus estimate of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The business’s revenue was down 3.2% compared to the same quarter last year. During the same period last year, the business posted $0.92 EPS. Sell-side analysts anticipate that Otis Worldwide will post 3.88 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date of this dividend was Friday, August 16th. Otis Worldwide’s dividend payout ratio (DPR) is 43.58%.

Institutional Investors Weigh In On Otis Worldwide

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in Otis Worldwide by 14.8% during the fourth quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock worth $4,095,342,000 after buying an additional 5,913,933 shares in the last quarter. PineStone Asset Management Inc. raised its holdings in shares of Otis Worldwide by 138.3% in the second 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 last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Otis Worldwide by 12.4% during the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock valued at $793,945,000 after purchasing an additional 907,972 shares in the last quarter. Sarasin & Partners LLP boosted 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 worth $398,061,000 after purchasing an additional 883,659 shares during the last quarter. Finally, Brown Brothers Harriman & Co. grew its position in Otis Worldwide by 2,782.3% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock worth $78,469,000 after purchasing an additional 786,897 shares in the last quarter. 88.03% of the stock is owned by institutional investors.

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.