Otis Worldwide (NYSE:OTIS) Price Target Cut to $98.00 by Analysts at Wells Fargo & Company

Otis Worldwide (NYSE:OTISFree Report) had its price target decreased by Wells Fargo & Company from $102.00 to $98.00 in a report published on Thursday, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

OTIS has been the topic of several other research reports. Barclays raised their target price on shares of Otis Worldwide from $85.00 to $90.00 and gave the stock an equal weight rating in a report on Tuesday, April 2nd. Melius started coverage on Otis Worldwide in a report on Tuesday, April 2nd. They issued a hold rating for the company. Royal Bank of Canada reissued an outperform rating and issued a $100.00 target price on shares of Otis Worldwide in a report on Monday, February 5th. Vertical Research lowered shares of Otis Worldwide from a buy rating to a hold rating in a research report on Tuesday, January 2nd. Finally, Argus raised shares of Otis Worldwide from a hold rating to a buy rating and set a $102.00 price objective on the stock in a report on Thursday, February 22nd. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $96.86.

Get Our Latest Analysis on OTIS

Otis Worldwide Trading Down 0.9 %

Shares of OTIS opened at $92.20 on Thursday. Otis Worldwide has a 12 month low of $73.32 and a 12 month high of $100.35. The business’s fifty day simple moving average is $96.44 and its two-hundred day simple moving average is $89.48. The company has a market cap of $37.27 billion, a price-to-earnings ratio of 26.65 and a beta of 1.01.

Otis Worldwide (NYSE:OTISGet Free Report) last released its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, topping the consensus estimate of $0.87 by $0.01. The company had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.44 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. As a group, research analysts forecast that Otis Worldwide will post 3.87 EPS for the current year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.69%. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, May 16th. Otis Worldwide’s dividend payout ratio is currently 39.31%.

Insider Buying and Selling at Otis Worldwide

In other news, CEO Judith Fran Marks sold 37,312 shares of the firm’s 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 sale, the chief executive officer now directly owns 192,319 shares in the company, valued at approximately $17,660,653.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the transaction, the insider now directly owns 67,274 shares in the company, valued at approximately $6,128,661.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction that occurred 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 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. Insiders own 0.23% of the company’s stock.

Hedge Funds Weigh In On Otis Worldwide

Hedge funds and other institutional investors have recently modified their holdings of the stock. Cetera Trust Company N.A purchased a new stake in Otis Worldwide in the 4th quarter worth $27,000. Turtle Creek Wealth Advisors LLC bought a new position in Otis Worldwide during the fourth quarter valued at approximately $28,000. Orion Capital Management LLC purchased a new position in Otis Worldwide during the 3rd quarter valued at approximately $30,000. LifeSteps Financial Inc. bought a new stake in Otis Worldwide in the 1st quarter worth approximately $31,000. Finally, NBC Securities Inc. purchased a new stake in shares of Otis Worldwide during the 3rd quarter worth approximately $33,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Otis Worldwide (NYSE:OTIS)

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