Otis Worldwide (NYSE:OTIS) Given New $91.00 Price Target at Barclays

Otis Worldwide (NYSE:OTIS) had its price objective cut by Barclays from $94.00 to $91.00 in a research report released on Wednesday morning,Benzinga reports. They currently have an underweight rating on the stock.

Other equities research analysts have also recently issued research reports about the company. Wells Fargo & Company cut their price target on Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating for the company in a research note on Tuesday. Royal Bank of Canada restated an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a research note on Thursday, September 19th. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target for the company. in a research note on Thursday, December 12th. Finally, UBS Group initiated coverage on Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target for the company. Two investment analysts have rated the stock with a sell rating, five have issued 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 $103.50.

Otis Worldwide Stock Down 1.1 %

Shares of OTIS opened at $90.78 on Wednesday. The stock has a 50 day moving average price of $97.57 and a 200 day moving average price of $97.38. The company has a market capitalization of $36.26 billion, a price-to-earnings ratio of 22.64 and a beta of 1.06. Otis Worldwide has a 52-week low of $85.42 and a 52-week high of $106.33.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.01). The firm had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. Otis Worldwide’s revenue was up .7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.95 earnings per share. On average, equities analysts anticipate that Otis Worldwide will post 3.86 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date was Friday, November 15th. Otis Worldwide’s payout ratio is 38.90%.

Insiders Place Their Bets

In other news, EVP Abbe Luersman sold 9,000 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the transaction, the executive vice president now directly owns 9,992 shares in the company, valued at $1,009,391.84. This trade represents a 47.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.23% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Otis Worldwide

Several hedge funds have recently modified their holdings of the stock. Acadian Asset Management LLC increased its holdings in Otis Worldwide by 96.2% during the 2nd quarter. Acadian Asset Management LLC now owns 13,335 shares of the company’s stock worth $1,282,000 after purchasing an additional 6,537 shares during the last quarter. Caprock Group LLC grew its position in shares of Otis Worldwide by 100.8% in the 2nd quarter. Caprock Group LLC now owns 5,779 shares of the company’s stock worth $556,000 after acquiring an additional 2,901 shares in the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in shares of Otis Worldwide in the 2nd quarter worth approximately $101,000. Prudential PLC grew its position in shares of Otis Worldwide by 76.9% in the 2nd quarter. Prudential PLC now owns 31,515 shares of the company’s stock worth $3,034,000 after acquiring an additional 13,696 shares in the last quarter. Finally, Choreo LLC grew its position in shares of Otis Worldwide by 190.4% in the 2nd quarter. Choreo LLC now owns 17,948 shares of the company’s stock worth $1,704,000 after acquiring an additional 11,767 shares in the last quarter. 88.03% of the stock is currently 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.