Wells Fargo & Company Cuts Otis Worldwide (NYSE:OTIS) Price Target to $98.00

Otis Worldwide (NYSE:OTIS) had its price target decreased by Wells Fargo & Company from $102.00 to $98.00 in a report released on Thursday, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

Several other research analysts have also recently weighed in on OTIS. Argus upgraded Otis Worldwide from a hold rating to a buy rating and set a $102.00 price target for the company in a research report on Thursday, February 22nd. Royal Bank of Canada restated an outperform rating and issued a $100.00 price objective on shares of Otis Worldwide in a research report on Monday, February 5th. Vertical Research cut Otis Worldwide from a buy rating to a hold rating in a research report on Tuesday, January 2nd. Barclays boosted their price objective on Otis Worldwide from $85.00 to $90.00 and gave the company an equal weight rating in a research report on Tuesday, April 2nd. Finally, Melius assumed coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They issued a hold rating for the company. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $96.86.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $93.02 on Thursday. The company has a market cap of $37.60 billion, a P/E ratio of 26.88 and a beta of 1.01. The stock’s 50-day moving average is $96.42 and its 200 day moving average is $89.27. Otis Worldwide has a 1-year low of $73.32 and a 1-year high of $100.35.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.01. The business had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.44 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. On average, analysts anticipate that Otis Worldwide will post 3.87 EPS for the current year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.68%. The ex-dividend date of this dividend is Thursday, May 16th. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s dividend payout ratio (DPR) is 39.31%.

Insider Transactions at Otis Worldwide

In other news, CEO Judith Fran Marks sold 37,312 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the sale, the chief executive officer now owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the transaction, the insider now owns 67,274 shares in the company, valued at approximately $6,128,661.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Judith Fran Marks sold 37,312 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total value of $3,426,360.96. Following the transaction, the chief executive officer now owns 192,319 shares in the company, valued at approximately $17,660,653.77. The disclosure for this sale can be found here. Corporate insiders own 0.23% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in OTIS. Meiji Yasuda Asset Management Co Ltd. grew its stake in shares of Otis Worldwide by 54.5% in the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 6,772 shares of the company’s stock valued at $544,000 after purchasing an additional 2,390 shares during the last quarter. Stevens Capital Management LP boosted its stake in shares of Otis Worldwide by 142.1% in the fourth quarter. Stevens Capital Management LP now owns 7,555 shares of the company’s stock valued at $676,000 after buying an additional 4,435 shares in the last quarter. International Assets Investment Management LLC boosted its stake in shares of Otis Worldwide by 13,638.0% in the fourth quarter. International Assets Investment Management LLC now owns 151,667 shares of the company’s stock valued at $13,570,000 after buying an additional 150,563 shares in the last quarter. SG Americas Securities LLC boosted its stake in shares of Otis Worldwide by 176.4% in the fourth quarter. SG Americas Securities LLC now owns 115,993 shares of the company’s stock valued at $10,378,000 after buying an additional 74,030 shares in the last quarter. Finally, Smith Salley & Associates purchased a new stake in shares of Otis Worldwide in the fourth quarter valued at approximately $1,113,000. Hedge funds and other institutional investors 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.