Otis Worldwide (NYSE:OTIS) Sets New 52-Week High - Here's What Happened

Shares of Otis Worldwide Co. (NYSE:OTIS - Get Free Report) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $105.79 and last traded at $105.66, with a volume of 757516 shares trading hands. The stock had previously closed at $104.03.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on OTIS shares. Royal Bank of Canada reissued an "outperform" rating and set a $110.00 price target on shares of Otis Worldwide in a research report on Thursday, September 19th. Wolfe Research lowered Otis Worldwide from an "outperform" rating to a "peer perform" rating in a report on Tuesday, October 8th. Barclays boosted their price target on Otis Worldwide from $90.00 to $96.00 and gave the company an "equal weight" rating in a research note on Wednesday, October 2nd. Morgan Stanley started coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They set an "equal weight" rating and a $97.00 price objective on the stock. Finally, Wells Fargo & Company boosted their target price on shares of Otis Worldwide from $95.00 to $108.00 and gave the company an "equal weight" rating in a research report on Monday, October 7th. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $102.71.

Otis Worldwide Trading Up 1.2 %

The firm has a market capitalization of $42.58 billion, a price-to-earnings ratio of 30.44 and a beta of 1.03. The stock's 50-day moving average is $96.44 and its 200-day moving average is $96.42.

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

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.48%. The ex-dividend date was Friday, August 16th. Otis Worldwide's dividend payout ratio (DPR) is currently 45.09%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in OTIS. Virtu Financial LLC acquired a new position in Otis Worldwide during the 4th quarter worth about $1,005,000. Centaurus Financial Inc. boosted its holdings in Otis Worldwide by 9.7% in the fourth quarter. Centaurus Financial Inc. now owns 3,351 shares of the company's stock valued at $300,000 after acquiring an additional 297 shares during the last quarter. EP Wealth Advisors LLC increased its position in Otis Worldwide by 4.9% during the 4th quarter. EP Wealth Advisors LLC now owns 4,427 shares of the company's stock valued at $396,000 after purchasing an additional 208 shares during the period. American International Group Inc. raised its holdings in Otis Worldwide by 0.3% during the 4th quarter. American International Group Inc. now owns 109,475 shares of the company's stock worth $9,795,000 after purchasing an additional 292 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Otis Worldwide by 14.8% in the 4th quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company's stock worth $4,095,342,000 after purchasing an additional 5,913,933 shares during the period. Institutional investors own 88.03% of the company's stock.

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.