Otis Worldwide (NYSE:OTIS) PT Lowered to $98.00

Otis Worldwide (NYSE:OTIS - Free Report) had its price objective 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.

OTIS has been the topic of several other reports. UBS Group boosted their price target on Otis Worldwide from $87.00 to $95.00 and gave the company a neutral rating in a research note on Friday, February 16th. Melius assumed coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They set a hold rating on the stock. Vertical Research cut Otis Worldwide from a buy rating to a hold rating in a research report on Tuesday, January 2nd. Royal Bank of Canada reissued an outperform rating and issued a $100.00 price target on shares of Otis Worldwide in a report on Monday, February 5th. Finally, Argus raised shares of Otis Worldwide from a hold rating to a buy rating and set a $102.00 price objective for the company in a report on Thursday, February 22nd. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat, Otis Worldwide presently has a consensus rating of Hold and an average price target of $96.86.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock traded down $0.35 on Thursday, reaching $93.02. The stock had a trading volume of 2,218,997 shares, compared to its average volume of 2,033,041. Otis Worldwide has a fifty-two week low of $73.32 and a fifty-two week high of $100.35. The business's 50-day moving average price is $96.42 and its two-hundred day moving average price is $89.27. The stock has a market cap of $37.60 billion, a P/E ratio of 27.44 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data 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. Otis Worldwide had a negative return on equity of 30.75% and a net margin of 9.90%. The business had revenue of $3.44 billion during the quarter, compared to analysts' expectations of $3.44 billion. As a group, equities analysts forecast that Otis Worldwide will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 17th will be given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.68%. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.34. The ex-dividend date is Thursday, May 16th. Otis Worldwide's dividend payout ratio (DPR) is presently 40.12%.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the company's stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the transaction, the insider now directly owns 67,274 shares in the company, valued at approximately $6,128,661.40. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CEO Judith Fran Marks sold 37,312 shares of the firm's stock in a transaction 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 directly owns 192,319 shares in the company, valued at approximately $17,660,653.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Montlivault Stephane De sold 18,393 shares of the company's stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the sale, the insider now owns 67,274 shares of the company's stock, 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 corporate insiders.

Institutional Investors Weigh In On Otis Worldwide

Several large investors have recently bought and sold shares of OTIS. Cetera Trust Company N.A bought a new stake in shares of Otis Worldwide in the fourth quarter worth about $27,000. Turtle Creek Wealth Advisors LLC bought a new stake in Otis Worldwide during the 4th quarter worth approximately $28,000. Orion Capital Management LLC acquired a new stake in Otis Worldwide during the 3rd quarter worth approximately $30,000. Pacific Capital Wealth Advisors Inc. bought a new position in Otis Worldwide in the fourth quarter valued at approximately $35,000. Finally, Accent Capital Management LLC bought a new position in Otis Worldwide in the fourth quarter valued at approximately $36,000. 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.