Argus Boosts Otis Worldwide (NYSE:OTIS) Price Target to $108.00

Otis Worldwide (NYSE:OTIS - Free Report) had its price target upped by Argus from $102.00 to $108.00 in a research note released on Monday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities analysts have also weighed in on the stock. UBS Group increased their price objective on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a neutral rating in a research report on Friday, February 16th. Royal Bank of Canada reissued an outperform rating and issued a $100.00 price target on shares of Otis Worldwide in a research report on Monday, February 5th. Wells Fargo & Company lowered their target price on Otis Worldwide from $102.00 to $98.00 and set an equal weight rating on the stock in a research note on Thursday, April 25th. JPMorgan Chase & Co. upped their price target on Otis Worldwide from $104.00 to $105.00 and gave the company a neutral rating in a research report on Thursday, April 25th. Finally, Melius assumed coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They set a hold rating on the stock. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Otis Worldwide has a consensus rating of Hold and a consensus target price of $97.71.

Otis Worldwide Trading Down 0.5 %

Otis Worldwide stock traded down $0.50 on Monday, reaching $96.60. 1,746,908 shares of the stock were exchanged, compared to its average volume of 2,012,298. Otis Worldwide has a twelve month low of $73.32 and a twelve month high of $100.35. The firm has a fifty day moving average price of $96.49 and a two-hundred day moving average price of $90.67. The stock has a market cap of $39.06 billion, a PE ratio of 27.92 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, topping analysts' consensus estimates 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 net margin of 9.99% and a negative return on equity of 31.02%. Equities analysts anticipate that Otis Worldwide will post 3.88 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.61%. This is a boost from Otis Worldwide's previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, May 16th. Otis Worldwide's dividend payout ratio is presently 39.31%.

Insider Buying and Selling

In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the business'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 sale, the insider now directly owns 67,274 shares of the company's stock, valued at $6,128,661.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Peiming Zheng sold 30,364 shares of the business's stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total value of $2,844,803.16. Following the completion of the sale, the executive vice president now owns 15,570 shares of the company's stock, valued at approximately $1,458,753.30. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value 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 disclosure for this sale can be found here. 0.23% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Otis Worldwide

Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in shares of Otis Worldwide by 14.8% during the 4th quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company's stock valued at $4,095,342,000 after acquiring an additional 5,913,933 shares during the period. JPMorgan Chase & Co. raised its position in shares of Otis Worldwide by 47.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company's stock worth $605,571,000 after purchasing an additional 2,442,203 shares during the last quarter. Norges Bank purchased a new stake in Otis Worldwide in the 4th quarter worth approximately $628,855,000. Northern Trust Corp grew its stake in Otis Worldwide by 3.0% in the 3rd quarter. Northern Trust Corp now owns 4,661,849 shares of the company's stock worth $374,393,000 after acquiring an additional 135,048 shares during the period. Finally, Grantham Mayo Van Otterloo & Co. LLC grew its stake in shares of Otis Worldwide by 1.7% during the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,448,272 shares of the company's stock valued at $276,931,000 after buying an additional 59,211 shares during the period. 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.