Wells Fargo & Company Has Lowered Expectations for Otis Worldwide (NYSE:OTIS) Stock Price

Otis Worldwide (NYSE:OTIS) had its price objective trimmed by Wells Fargo & Company from $108.00 to $105.00 in a research report released on Thursday morning, Benzinga reports. The firm currently has an equal weight rating on the stock.

Several other equities research analysts have also weighed in on the company. Barclays reduced their price objective on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a research note on Thursday. Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Morgan Stanley assumed coverage on Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective on the stock. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $102.00.

Otis Worldwide Trading Up 1.3 %

Shares of Otis Worldwide stock opened at $99.44 on Thursday. Otis Worldwide has a 52 week low of $77.51 and a 52 week high of $106.33. The stock has a market cap of $39.83 billion, a PE ratio of 24.80 and a beta of 1.04. The company’s 50-day moving average price is $99.11 and its two-hundred day moving average price is $96.90.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The business had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.95 earnings per share. On average, equities analysts predict that Otis Worldwide will post 3.85 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.57%. Otis Worldwide’s dividend payout ratio is 38.90%.

Institutional Trading of Otis Worldwide

Several institutional investors have recently made changes to their positions in the stock. Nordea Investment Management AB lifted its position in Otis Worldwide by 19.6% in the 1st quarter. Nordea Investment Management AB now owns 463,190 shares of the company’s stock worth $46,138,000 after buying an additional 75,878 shares in the last quarter. First Eagle Investment Management LLC increased its stake in shares of Otis Worldwide by 173.7% in the first quarter. First Eagle Investment Management LLC now owns 20,048 shares of the company’s stock worth $1,990,000 after acquiring an additional 12,722 shares during the last quarter. Appian Way Asset Management LP purchased a new stake in shares of Otis Worldwide during the second quarter worth $991,000. Cetera Investment Advisers boosted its position in Otis Worldwide by 259.1% during the first quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock valued at $4,603,000 after purchasing an additional 33,457 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its stake in Otis Worldwide by 0.9% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,009,178 shares of the company’s stock valued at $100,181,000 after purchasing an additional 9,145 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

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.