Otis Worldwide (NYSE:OTIS) Upgraded at Wolfe Research

Key Points

• Wolfe Research has upgraded Otis Worldwide from an "underperform" rating to a "peer perform" rating, indicating a positive shift in analyst sentiment.
• Analysts have varied opinions, with target price reductions from firms like Royal Bank Of Canada and JPMorgan Chase, resulting in a consensus target price of $102.50.
• Despite reporting a slight year-over-year revenue decline, Otis Worldwide exceeded earnings expectations by posting $1.05 earnings per share against a consensus estimate of $1.03.

Wolfe Research upgraded shares of Otis Worldwide (NYSE:OTIS - Free Report) from an underperform rating to a peer perform rating in a report issued on Friday morning, Marketbeat reports.

Other research analysts have also issued research reports about the company. Royal Bank Of Canada dropped their target price on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday, April 28th. Morgan Stanley lifted their price target on Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. Wells Fargo & Company decreased their target price on Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating on the stock in a research note on Thursday, July 24th. Barclays cut their price objective on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a report on Thursday, July 24th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Otis Worldwide in a report on Monday, July 14th. They issued a "hold" rating and a $109.00 price objective for the company. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Otis Worldwide presently has a consensus rating of "Hold" and an average target price of $102.50.

Otis Worldwide Trading Down 0.6%

NYSE OTIS traded down $0.50 during trading hours on Friday, hitting $87.40. 1,373,546 shares of the company's stock were exchanged, compared to its average volume of 2,643,950. The stock has a 50-day simple moving average of $96.75 and a 200 day simple moving average of $97.31. Otis Worldwide has a 1-year low of $86.00 and a 1-year high of $106.83. The firm has a market cap of $34.50 billion, a price-to-earnings ratio of 23.14, a PEG ratio of 4.30 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.02. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.73 billion. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%. The company's quarterly revenue was down .2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.06 earnings per share. On average, sell-side analysts anticipate that Otis Worldwide will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Friday, August 15th will be paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.92%. The ex-dividend date is Friday, August 15th. Otis Worldwide's payout ratio is currently 44.44%.

Institutional Trading of Otis Worldwide

Several institutional investors have recently added to or reduced their stakes in OTIS. Simon Quick Advisors LLC purchased a new stake in shares of Otis Worldwide in the first quarter valued at about $443,000. SG Americas Securities LLC bought a new position in shares of Otis Worldwide in the 1st quarter worth about $2,533,000. Quintet Private Bank Europe S.A. lifted its position in Otis Worldwide by 3.4% in the 1st quarter. Quintet Private Bank Europe S.A. now owns 289,936 shares of the company's stock valued at $29,921,000 after purchasing an additional 9,467 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in Otis Worldwide by 362.4% during the 1st quarter. Assenagon Asset Management S.A. now owns 438,896 shares of the company's stock valued at $45,294,000 after buying an additional 343,987 shares during the period. Finally, Kingswood Wealth Advisors LLC acquired a new position in shares of Otis Worldwide in the 1st quarter worth approximately $225,000. Institutional investors and hedge funds 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.