Otis Worldwide (NYSE:OTIS) Price Target Increased to $108.00 by Analysts at Wells Fargo & Company

Otis Worldwide (NYSE:OTIS - Free Report) had its target price hoisted by Wells Fargo & Company from $95.00 to $108.00 in a report published on Monday morning, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

OTIS has been the topic of a number of other research reports. Royal Bank of Canada restated an outperform rating and set a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Morgan Stanley assumed 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, Barclays upped their target price on shares of Otis Worldwide from $90.00 to $96.00 and gave the company an equal weight rating in a research note on Wednesday, October 2nd. Seven research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Otis Worldwide has a consensus rating of Hold and a consensus target price of $102.71.

Otis Worldwide Stock Down 0.5 %

OTIS traded down $0.54 during midday trading on Monday, reaching $104.02. 1,449,175 shares of the company's stock were exchanged, compared to its average volume of 2,122,171. The business has a 50-day simple moving average of $95.30 and a two-hundred day simple moving average of $96.25. The firm has a market capitalization of $41.67 billion, a price-to-earnings ratio of 30.06 and a beta of 1.03. Otis Worldwide has a one year low of $73.32 and a one year high of $105.39.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its 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 net margin of 10.35% and a negative return on equity of 31.65%. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.74 billion. During the same quarter in the prior year, the firm earned $0.92 EPS. The firm's quarterly revenue was down 3.2% compared to the same quarter last year. As a group, research analysts anticipate that Otis Worldwide will post 3.88 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were issued 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%.

Institutional Investors Weigh In On Otis Worldwide

Hedge funds and other institutional investors have recently bought and sold shares of the company. Meeder Asset Management Inc. raised its holdings in shares of Otis Worldwide by 264.9% in the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company's stock valued at $26,000 after purchasing an additional 196 shares during the last quarter. Cranbrook Wealth Management LLC grew its position in Otis Worldwide by 675.7% in the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company's stock valued at $28,000 after purchasing an additional 250 shares in the last quarter. Jamison Private Wealth Management Inc. increased its stake in Otis Worldwide by 5,720.0% in the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company's stock valued at $28,000 after buying an additional 286 shares during the last quarter. Hantz Financial Services Inc. acquired a new position in shares of Otis Worldwide during the 2nd quarter worth about $29,000. Finally, Versant Capital Management Inc grew its holdings in shares of Otis Worldwide by 125.0% in the 2nd quarter. Versant Capital Management Inc now owns 369 shares of the company's stock valued at $36,000 after acquiring an additional 205 shares in the last quarter. Institutional investors and hedge funds 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.