Otis Worldwide (NYSE:OTIS) Lowered to “Underweight” Rating by Barclays

Barclays cut shares of Otis Worldwide (NYSE:OTIS) from an equal weight rating to an underweight rating in a research note issued to investors on Thursday, MarketBeat.com reports. They currently have $94.00 price objective on the stock.

A number of other equities analysts also recently weighed in on the company. Morgan Stanley began coverage on Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target on the stock. UBS Group began coverage on Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Finally, Wells Fargo & Company decreased their target price on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $104.57.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $99.12 on Thursday. The stock’s 50-day simple moving average is $102.09 and its 200 day simple moving average is $97.90. The company has a market cap of $39.59 billion, a P/E ratio of 24.72 and a beta of 1.04. Otis Worldwide has a 52-week low of $85.42 and a 52-week high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The business had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. Otis Worldwide’s quarterly revenue was up .7% compared to the same quarter last year. During the same period last year, the firm earned $0.95 EPS. As a group, equities analysts predict that Otis Worldwide will post 3.85 earnings per share 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. Shareholders of record on Friday, November 15th will be paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.57%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s payout ratio is presently 38.90%.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the sale, the executive vice president now directly owns 9,992 shares in the company, valued at $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.23% of the company’s stock.

Institutional Investors Weigh In On Otis Worldwide

Several institutional investors and hedge funds have recently added to or reduced their stakes in OTIS. Riverview Trust Co acquired a new position in shares of Otis Worldwide during the third quarter worth $25,000. Meeder Asset Management Inc. increased 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 buying an additional 196 shares in the last quarter. Cranbrook Wealth Management LLC increased its holdings in shares of Otis Worldwide by 675.7% during the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after buying an additional 250 shares in the last quarter. Northwest Investment Counselors LLC acquired a new position in shares of Otis Worldwide during the third quarter worth $28,000. Finally, Hantz Financial Services Inc. acquired a new position in shares of Otis Worldwide during the second quarter worth $29,000. 88.03% of the stock is currently owned by 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.