Otis Worldwide (NYSE:OTIS) Price Target Raised to $92.00

Otis Worldwide (NYSE:OTIS - Free Report) had its price objective upped by Barclays from $90.00 to $92.00 in a research note published on Wednesday,Benzinga reports. They currently have an underweight rating on the stock.

Several other research analysts also recently commented on the stock. Wells Fargo & Company raised their price target on shares of Otis Worldwide from $95.00 to $100.00 and gave the company an "equal weight" rating in a report on Tuesday, July 1st. JPMorgan Chase & Co. raised their price target on shares of Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Morgan Stanley lifted their price objective on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a report on Tuesday. Finally, Royal Bank Of Canada dropped their price objective on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, April 28th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Otis Worldwide has a consensus rating of "Hold" and a consensus target price of $102.86.

Otis Worldwide Price Performance

NYSE:OTIS traded down $0.55 during trading hours on Wednesday, hitting $99.41. The stock had a trading volume of 1,187,189 shares, compared to its average volume of 2,320,662. The company has a 50 day simple moving average of $97.08 and a two-hundred day simple moving average of $96.98. Otis Worldwide has a one year low of $89.70 and a one year high of $106.83. The firm has a market capitalization of $39.24 billion, a price-to-earnings ratio of 26.09 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.91 by $0.01. Otis Worldwide had a net margin of 10.83% and a negative return on equity of 31.72%. The firm had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.41 billion. During the same period last year, the firm earned $0.88 EPS. The business's quarterly revenue was down 2.5% compared to the same quarter last year. Equities research analysts anticipate that Otis Worldwide will post 4.04 earnings per share for the current year.

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 16th were issued a dividend of $0.42 per share. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date was Friday, May 16th. Otis Worldwide's payout ratio is currently 44.09%.

Institutional Trading of Otis Worldwide

A number of hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. raised its position in Otis Worldwide by 26.5% in the 4th quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company's stock worth $3,289,868,000 after purchasing an additional 7,447,860 shares during the period. Norges Bank purchased a new position in Otis Worldwide in the 4th quarter worth $649,883,000. Vanguard Group Inc. raised its position in Otis Worldwide by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company's stock worth $4,808,634,000 after purchasing an additional 1,591,450 shares during the period. Nuveen LLC purchased a new position in Otis Worldwide in the 1st quarter worth $91,989,000. Finally, GAMMA Investing LLC raised its position in Otis Worldwide by 12,162.8% in the 1st quarter. GAMMA Investing LLC now owns 820,750 shares of the company's stock worth $84,701,000 after purchasing an additional 814,057 shares during the period. 88.03% of the stock is 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.