Analysts Set Otis Worldwide Co. (NYSE:OTIS) Price Target at $102.71

Shares of Otis Worldwide Co. (NYSE:OTIS) have been given an average recommendation of “Hold” by the ten brokerages that are presently covering the firm, MarketBeat reports. Eight investment analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $102.71.

A number of research analysts have issued reports on OTIS shares. Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Royal Bank of Canada restated an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. Barclays boosted 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. Wells Fargo & Company raised their price target on shares of Otis Worldwide from $95.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Finally, Morgan Stanley started coverage on shares of Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target on the stock.

Hedge Funds Weigh In On Otis Worldwide

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in Otis Worldwide by 14.8% in the 4th quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock worth $4,095,342,000 after purchasing an additional 5,913,933 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Otis Worldwide by 12.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock worth $793,945,000 after buying an additional 907,972 shares in the last quarter. PineStone Asset Management Inc. boosted its stake in Otis Worldwide by 138.3% during the second quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock valued at $429,717,000 after buying an additional 2,590,780 shares during the period. Sarasin & Partners LLP grew its position in Otis Worldwide by 27.2% during the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock worth $398,061,000 after buying an additional 883,659 shares in the last quarter. Finally, Legal & General Group Plc increased its stake in Otis Worldwide by 0.4% in the 2nd quarter. Legal & General Group Plc now owns 3,660,401 shares of the company’s stock worth $352,351,000 after acquiring an additional 15,021 shares during the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

OTIS opened at $105.13 on Friday. Otis Worldwide has a fifty-two week low of $73.32 and a fifty-two week high of $106.10. The company’s 50-day moving average is $96.92 and its 200 day moving average is $96.52. The firm has a market capitalization of $42.51 billion, a P/E ratio of 30.38 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, July 24th. The company reported $1.06 EPS for the quarter, topping the consensus estimate of $1.03 by $0.03. The firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.74 billion. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The company’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.92 EPS. On average, equities research analysts expect that Otis Worldwide will post 3.88 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were given a dividend of $0.39 per share. The ex-dividend date was Friday, August 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.48%. Otis Worldwide’s dividend payout ratio is currently 45.09%.

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.