Wells Fargo & Company Cuts Otis Worldwide (NYSE:OTIS) Price Target to $95.00

Otis Worldwide (NYSE:OTIS) had its price objective lowered by Wells Fargo & Company from $100.00 to $95.00 in a report released on Thursday morning, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

A number of other brokerages also recently commented on OTIS. Barclays increased their price target on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an equal weight rating in a report on Tuesday, April 2nd. Melius assumed coverage on shares of Otis Worldwide in a research note on Tuesday, April 2nd. They issued a hold rating for the company. Argus raised their price objective on shares of Otis Worldwide from $102.00 to $108.00 and gave the stock a buy rating in a research note on Monday, May 13th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a neutral rating in a research note on Thursday, April 25th. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $98.83.

Otis Worldwide Trading Up 0.5 %

Shares of NYSE:OTIS opened at $93.48 on Thursday. Otis Worldwide has a 12 month low of $73.32 and a 12 month high of $100.84. The company has a 50-day moving average price of $97.19 and a 200 day moving average price of $95.13. The company has a market cap of $37.44 billion, a price-to-earnings ratio of 27.02 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results 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 firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.74 billion. During the same quarter last year, the firm earned $0.92 EPS. The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. As a group, equities analysts forecast that Otis Worldwide will post 3.88 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Friday, August 16th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.67%. The ex-dividend date is Friday, August 16th. Otis Worldwide’s dividend payout ratio (DPR) is presently 45.09%.

Insider Transactions at Otis Worldwide

In other news, EVP Peiming Zheng sold 30,364 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the transaction, the executive vice president now directly owns 15,570 shares of the company’s stock, valued at $1,458,753.30. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.23% of the company’s stock.

Hedge Funds Weigh In On Otis Worldwide

Several institutional investors have recently bought and sold shares of OTIS. Cetera Trust Company N.A purchased a new position in Otis Worldwide during the fourth quarter valued at approximately $27,000. Turtle Creek Wealth Advisors LLC purchased a new position in Otis Worldwide during the fourth quarter valued at approximately $28,000. Jamison Private Wealth Management Inc. increased its holdings in Otis Worldwide by 5,720.0% during the second 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 period. LifeSteps Financial Inc. purchased a new position in Otis Worldwide during the first quarter valued at approximately $31,000. Finally, Pacific Capital Wealth Advisors Inc. purchased a new position in Otis Worldwide during the fourth quarter valued at approximately $35,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Company Profile

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.