Otis Worldwide (NYSE:OTIS) Price Target Lowered to $98.00 at Wells Fargo & Company

Otis Worldwide (NYSE:OTIS) had its target price decreased by Wells Fargo & Company from $102.00 to $98.00 in a research note released on Thursday morning, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

A number of other research analysts have also weighed in on OTIS. Royal Bank of Canada reissued an outperform rating and issued a $100.00 target price on shares of Otis Worldwide in a report on Monday, February 5th. Vertical Research lowered Otis Worldwide from a buy rating to a hold rating in a research note on Tuesday, January 2nd. Argus upgraded Otis Worldwide from a hold rating to a buy rating and set a $102.00 target price on the stock in a research report on Thursday, February 22nd. Barclays increased their target price on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an equal weight rating in a research report on Tuesday, April 2nd. Finally, UBS Group increased their target price on shares of Otis Worldwide from $87.00 to $95.00 and gave the stock a neutral rating in a research note on Friday, February 16th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, Otis Worldwide currently has an average rating of Hold and an average price target of $96.86.

Otis Worldwide Stock Down 0.4 %

Shares of NYSE OTIS opened at $93.02 on Thursday. The company has a market capitalization of $37.60 billion, a PE ratio of 26.88 and a beta of 1.01. The firm has a fifty day simple moving average of $96.42 and a 200 day simple moving average of $89.27. Otis Worldwide has a twelve month low of $73.32 and a twelve month high of $100.35.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.01. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. The company had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.44 billion. As a group, equities analysts expect that Otis Worldwide will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently announced 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. The ex-dividend date is Thursday, May 16th. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.34. This represents a $1.56 annualized dividend and a yield of 1.68%. Otis Worldwide’s dividend payout ratio (DPR) is currently 39.31%.

Insiders Place Their Bets

In related news, CEO Judith Fran Marks sold 37,312 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the completion of the transaction, the chief executive officer now owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CEO Judith Fran Marks sold 37,312 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the completion of the sale, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction that occurred on 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 transaction, the insider now directly owns 67,274 shares in the company, valued at $6,128,661.40. The disclosure for this sale can be found here. 0.23% of the stock is owned by corporate insiders.

Institutional Trading of Otis Worldwide

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Cetera Trust Company N.A acquired a new stake in Otis Worldwide in the 4th quarter valued at $27,000. Turtle Creek Wealth Advisors LLC bought a new position in Otis Worldwide in the 4th quarter valued at $28,000. Orion Capital Management LLC bought a new position in Otis Worldwide in the 3rd quarter valued at $30,000. Pacific Capital Wealth Advisors Inc. bought a new position in Otis Worldwide in the 4th quarter valued at $35,000. Finally, Accent Capital Management LLC bought a new position in Otis Worldwide in the 4th quarter valued at $36,000. 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.