Otis Worldwide (NYSE:OTIS) Sets New 52-Week High on Analyst Upgrade

Otis Worldwide Co. (NYSE:OTIS - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Thursday after Barclays raised their price target on the stock from $90.00 to $96.00. Barclays currently has an equal weight rating on the stock. Otis Worldwide traded as high as $105.25 and last traded at $105.15, with a volume of 351514 shares trading hands. The stock had previously closed at $104.81.

OTIS has been the topic of a number of other research reports. Royal Bank of Canada reiterated an "outperform" rating and issued a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. Wells Fargo & Company decreased their price objective 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, July 25th. Finally, Morgan Stanley initiated 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. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $100.86.

Institutional Investors Weigh In On Otis Worldwide

Institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC raised its position in Otis Worldwide by 63.8% during the third quarter. SG Americas Securities LLC now owns 173,588 shares of the company's stock worth $18,043,000 after acquiring an additional 67,602 shares during the last quarter. Czech National Bank grew its holdings in shares of Otis Worldwide by 5.9% during the third quarter. Czech National Bank now owns 81,597 shares of the company's stock worth $8,481,000 after buying an additional 4,549 shares in the last quarter. Heritage Wealth Management Inc. acquired a new position in shares of Otis Worldwide in the second quarter valued at approximately $302,000. Sanctuary Advisors LLC purchased a new position in shares of Otis Worldwide during the second quarter valued at approximately $2,073,000. Finally, Clearbridge Investments LLC boosted its position in Otis Worldwide by 1.0% during the second quarter. Clearbridge Investments LLC now owns 1,335,162 shares of the company's stock worth $128,523,000 after acquiring an additional 13,092 shares during the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Trading Down 0.5 %

The company's 50 day simple moving average is $94.86 and its 200 day simple moving average is $96.19. The stock has a market capitalization of $41.78 billion, a PE ratio of 30.24 and a beta of 1.03.

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

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 16th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date was Friday, August 16th. Otis Worldwide's dividend payout ratio (DPR) is presently 45.09%.

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.