Barclays Raises Otis Worldwide (NYSE:OTIS) Price Target to $90.00

Otis Worldwide (NYSE:OTIS) had its price objective raised by Barclays from $85.00 to $90.00 in a report published on Tuesday morning, Benzinga reports. Barclays currently has an equal weight rating on the stock.

A number of other analysts also recently issued reports on the stock. Vertical Research downgraded shares of Otis Worldwide from a buy rating to a hold rating in a report on Tuesday, January 2nd. Argus raised shares of Otis Worldwide from a hold rating to a buy rating and set a $102.00 price objective for the company in a research report on Thursday, February 22nd. UBS Group increased their price objective on shares of Otis Worldwide from $87.00 to $95.00 and gave the stock a neutral rating in a research report on Friday, February 16th. Melius assumed coverage on shares of Otis Worldwide in a research report on Tuesday. They set a hold rating for the company. Finally, Wells Fargo & Company lowered their price objective on shares of Otis Worldwide from $97.00 to $95.00 and set an equal weight rating for the company in a research report on Thursday, February 1st. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Otis Worldwide presently has a consensus rating of Hold and an average target price of $94.29.

Otis Worldwide Price Performance

Shares of NYSE OTIS opened at $97.18 on Tuesday. The company has a 50 day simple moving average of $94.70 and a 200-day simple moving average of $87.61. The company has a market capitalization of $39.40 billion, a P/E ratio of 28.67 and a beta of 1.01. Otis Worldwide has a 1 year low of $73.32 and a 1 year high of $100.35.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, January 31st. The company reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $0.02. The business had revenue of $3.62 billion during the quarter, compared to the consensus estimate of $3.57 billion. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. During the same quarter last year, the firm earned $0.75 EPS. As a group, research analysts expect that Otis Worldwide will post 3.87 EPS for the current year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 16th were given a $0.34 dividend. The ex-dividend date was Thursday, February 15th. This represents a $1.36 annualized dividend and a yield of 1.40%. Otis Worldwide’s dividend payout ratio is presently 40.12%.

Insider Buying and Selling at Otis Worldwide

In other news, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the completion of the sale, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the completion of the sale, the insider now directly owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the sale, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The disclosure for this sale can be found here. 0.11% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Otis Worldwide

Institutional investors have recently modified their holdings of the company. Cetera Trust Company N.A purchased a new stake in shares of Otis Worldwide during the 4th quarter worth $27,000. Turtle Creek Wealth Advisors LLC acquired a new stake in Otis Worldwide during the 4th quarter worth $28,000. Orion Capital Management LLC acquired a new stake in Otis Worldwide during the 3rd quarter worth $30,000. Janiczek Wealth Management LLC raised its stake in Otis Worldwide by 141.1% during the 3rd quarter. Janiczek Wealth Management LLC now owns 381 shares of the company’s stock worth $31,000 after acquiring an additional 223 shares in the last quarter. Finally, Pacific Capital Wealth Advisors Inc. acquired a new stake in Otis Worldwide during the 4th quarter worth $35,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

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.