Barclays Forecasts Strong Price Appreciation for Otis Worldwide (NYSE:OTIS) Stock

Otis Worldwide (NYSE:OTIS - Free Report) had its target price raised by Barclays from $90.00 to $92.00 in a research report report published on Wednesday,Benzinga reports. The firm currently has an underweight rating on the stock.

A number of other research analysts have also weighed in on the company. JPMorgan Chase & Co. increased their price target on Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Wells Fargo & Company increased their target price on Otis Worldwide from $95.00 to $100.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 1st. Royal Bank Of Canada cut their target price on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a research report on Monday, April 28th. Finally, Morgan Stanley increased their target price on Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research report on Tuesday. Two analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat.com, Otis Worldwide currently has a consensus rating of "Hold" and an average price target of $102.86.

Otis Worldwide Price Performance

NYSE:OTIS traded down $0.43 during trading hours on Wednesday, reaching $99.25. 1,706,803 shares of the company traded hands, compared to its average volume of 2,325,759. The firm's 50-day moving average is $96.97 and its 200-day moving average is $96.90. The stock has a market cap of $39.17 billion, a P/E ratio of 26.05 and a beta of 0.98. Otis Worldwide has a 1-year low of $89.70 and a 1-year high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, topping analysts' consensus estimates of $0.91 by $0.01. Otis Worldwide had a negative return on equity of 31.72% and a net margin of 10.83%. The company had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. During the same quarter in the prior year, the company posted $0.88 EPS. The business's revenue for the quarter was down 2.5% compared to the same quarter last year. As a group, research analysts predict 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. Shareholders of record on Friday, May 16th were given a $0.42 dividend. The ex-dividend date of this dividend was Friday, May 16th. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a yield of 1.69%. Otis Worldwide's dividend payout ratio (DPR) is 44.09%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Simon Quick Advisors LLC purchased a new position in Otis Worldwide in the first quarter valued at about $443,000. SG Americas Securities LLC acquired a new stake in shares of Otis Worldwide during the first quarter valued at about $2,533,000. Quintet Private Bank Europe S.A. grew its stake in shares of Otis Worldwide by 3.4% during the first quarter. Quintet Private Bank Europe S.A. now owns 289,936 shares of the company's stock valued at $29,921,000 after acquiring an additional 9,467 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Otis Worldwide by 362.4% during the first quarter. Assenagon Asset Management S.A. now owns 438,896 shares of the company's stock valued at $45,294,000 after acquiring an additional 343,987 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC acquired a new stake in shares of Otis Worldwide during the first quarter valued at about $225,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Company Profile

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.