Analysts Set Otis Worldwide Corporation (NYSE:OTIS) PT at $102.86

Shares of Otis Worldwide Corporation (NYSE:OTIS) have been assigned a consensus recommendation of “Hold” from the eight brokerages that are presently covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, four have given a hold recommendation and two have issued a buy recommendation on the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $104.63.

Several research analysts have recently issued reports on the stock. Royal Bank Of Canada cut their target price on shares of Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a report on Monday, April 28th. Morgan Stanley raised their target price on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Otis Worldwide in a report on Monday. They issued a “hold” rating and a $109.00 price target on the stock. Barclays lifted their price target on shares of Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a report on Wednesday, July 9th. Finally, JPMorgan Chase & Co. upgraded shares of Otis Worldwide from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $101.00 to $109.00 in a report on Tuesday.

Institutional Trading of Otis Worldwide

A number of hedge funds have recently modified their holdings of OTIS. Transce3nd LLC bought a new stake in shares of Otis Worldwide during the 4th quarter valued at $25,000. NBC Securities Inc. purchased a new position in Otis Worldwide in the 1st quarter worth about $25,000. Aster Capital Management DIFC Ltd purchased a new position in Otis Worldwide in the 4th quarter worth about $28,000. Wayfinding Financial LLC purchased a new stake in shares of Otis Worldwide during the 1st quarter valued at about $31,000. Finally, Cheviot Value Management LLC purchased a new stake in shares of Otis Worldwide during the 1st quarter valued at about $31,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock opened at $100.31 on Monday. Otis Worldwide has a 52-week low of $89.70 and a 52-week high of $106.83. The stock has a market capitalization of $39.59 billion, a price-to-earnings ratio of 26.33, a P/E/G ratio of 2.69 and a beta of 0.98. The company’s 50 day moving average price is $97.25 and its 200-day moving average price is $97.11.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.01. Otis Worldwide had a net margin of 10.83% and a negative return on equity of 31.72%. The firm had revenue of $3.35 billion for the quarter, compared to analysts’ expectations of $3.41 billion. During the same quarter last year, the business earned $0.88 earnings per share. The business’s revenue was down 2.5% on a year-over-year basis. As a group, equities research analysts forecast that Otis Worldwide will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 16th were issued a $0.42 dividend. The ex-dividend date was Friday, May 16th. This represents a $1.68 annualized dividend and a yield of 1.67%. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.39. Otis Worldwide’s payout ratio is 44.09%.

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.