Analysts Set Otis Worldwide Co. (NYSE:OTIS) Price Target at $98.83

Shares of Otis Worldwide Co. (NYSE:OTIS) have been given a consensus rating of “Hold” by the eight analysts that are currently covering the company, MarketBeat.com reports. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $98.83.

Several equities analysts have weighed in on the stock. Argus raised their target price on shares of Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a report on Monday, May 13th. Wells Fargo & Company dropped their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, July 25th.

Otis Worldwide Trading Up 0.4 %

Shares of Otis Worldwide stock opened at $93.83 on Friday. The company has a 50-day moving average of $95.12 and a two-hundred day moving average of $95.80. The stock has a market cap of $37.94 billion, a PE ratio of 27.12 and a beta of 1.03. Otis Worldwide has a 12-month low of $73.32 and a 12-month high of $100.84.

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

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Friday, August 16th will be given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date of this dividend is Friday, August 16th. Otis Worldwide’s dividend payout ratio is presently 45.09%.

Institutional Trading of Otis Worldwide

Hedge funds have recently bought and sold shares of the company. Meeder Asset Management Inc. boosted its holdings in shares of Otis Worldwide by 264.9% during the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after purchasing an additional 196 shares during the last quarter. Cranbrook Wealth Management LLC boosted its stake in Otis Worldwide by 675.7% in the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after buying an additional 250 shares during the last quarter. Jamison Private Wealth Management Inc. boosted its stake in Otis Worldwide by 5,720.0% in the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after buying an additional 286 shares during the last quarter. Hantz Financial Services Inc. purchased a new stake in Otis Worldwide in the 2nd quarter valued at about $29,000. Finally, LifeSteps Financial Inc. acquired a new position in shares of Otis Worldwide during the 1st quarter valued at about $31,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

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.