Otis Worldwide (NYSE:OTIS) Sets New 52-Week High at $101.00

Otis Worldwide Co. (NYSE:OTIS - Get Free Report) reached a new 52-week high on Thursday . The stock traded as high as $101.00 and last traded at $101.00, with a volume of 4155 shares trading hands. The stock had previously closed at $99.54.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Morgan Stanley assumed coverage on Otis Worldwide in a research report on Friday, September 6th. They set an "equal weight" rating and a $97.00 price target on the stock. Royal Bank of Canada restated an "outperform" rating and set a $110.00 price target on shares of Otis Worldwide in a research report on Thursday, September 19th. Finally, Wells Fargo & Company dropped their price target on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 25th. Seven research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, Otis Worldwide currently has a consensus rating of "Hold" and an average target price of $100.00.

Otis Worldwide Price Performance

The company has a 50 day moving average price of $94.16 and a two-hundred day moving average price of $95.97. The stock has a market cap of $41.40 billion, a PE ratio of 29.56 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.03. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The firm had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.74 billion. During the same quarter in the previous year, the business earned $0.92 earnings per share. The company's revenue was down 3.2% on a year-over-year basis. As a group, equities analysts predict that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.51%. The ex-dividend date was Friday, August 16th. Otis Worldwide's dividend payout ratio is currently 45.09%.

Institutional Trading of Otis Worldwide

A number of hedge funds have recently bought and sold shares of the company. Congress Wealth Management LLC DE purchased a new stake in Otis Worldwide in the fourth quarter worth about $215,000. Hsbc Holdings PLC boosted its stake in Otis Worldwide by 25.9% during the fourth quarter. Hsbc Holdings PLC now owns 702,517 shares of the company's stock valued at $62,885,000 after buying an additional 144,449 shares during the last quarter. Hilltop Holdings Inc. boosted its stake in Otis Worldwide by 10.2% during the fourth quarter. Hilltop Holdings Inc. now owns 2,863 shares of the company's stock valued at $256,000 after buying an additional 264 shares during the last quarter. TD Asset Management Inc boosted its stake in Otis Worldwide by 8.0% during the fourth quarter. TD Asset Management Inc now owns 158,256 shares of the company's stock valued at $14,159,000 after buying an additional 11,664 shares during the last quarter. Finally, Focus Financial Network Inc. ADV bought a new position in Otis Worldwide during the fourth quarter valued at approximately $312,000. Hedge funds and other 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.