Otis Worldwide (NYSE:OTIS) Given New $100.00 Price Target at Wells Fargo & Company

Otis Worldwide (NYSE:OTIS - Free Report) had its target price lifted by Wells Fargo & Company from $95.00 to $100.00 in a research note released on Tuesday,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Other equities analysts have also issued reports about the company. JPMorgan Chase & Co. raised their target price on Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Royal Bank Of Canada decreased 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, Barclays lowered their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research note on Friday, April 25th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $101.43.

Otis Worldwide Stock Up 1.4%

Shares of OTIS traded up $1.39 during trading on Tuesday, reaching $100.41. The company's stock had a trading volume of 1,853,357 shares, compared to its average volume of 2,330,990. Otis Worldwide has a twelve month low of $89.70 and a twelve month high of $106.83. The company has a market cap of $39.63 billion, a price-to-earnings ratio of 25.59 and a beta of 0.98. The company has a fifty day moving average of $96.25 and a two-hundred day moving average of $96.68.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.91 by $0.01. The firm had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.41 billion. Otis Worldwide had a net margin of 10.83% and a negative return on equity of 31.72%. Otis Worldwide's revenue was down 2.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.88 EPS. As a group, equities analysts forecast that Otis Worldwide will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 16th were issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 1.67%. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date of this dividend was Friday, May 16th. Otis Worldwide's payout ratio is presently 44.09%.

Institutional Investors Weigh In On Otis Worldwide

Several hedge funds have recently bought and sold shares of the stock. Transce3nd LLC acquired a new stake in shares of Otis Worldwide in the 4th quarter valued at $25,000. NBC Securities Inc. acquired a new position in Otis Worldwide in the 1st quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd acquired a new position in Otis Worldwide during the 4th quarter worth about $28,000. Wayfinding Financial LLC bought a new stake in shares of Otis Worldwide in the 1st quarter valued at about $31,000. Finally, Cheviot Value Management LLC acquired a new stake in Otis Worldwide during the 1st quarter valued at approximately $31,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

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.