Otis Worldwide (NYSE:OTIS) Price Target Cut to $91.00 by Analysts at Barclays

Otis Worldwide (NYSE:OTIS) had its price target reduced by Barclays from $94.00 to $91.00 in a research report released on Wednesday morning,Benzinga reports. Barclays currently has an underweight rating on the stock.

A number of other research analysts have also commented on OTIS. Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a research note on Thursday, December 12th. Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. Wells Fargo & Company cut their target price on Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Tuesday. Finally, UBS Group assumed coverage on Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price on the stock. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $103.50.

Otis Worldwide Trading Down 0.4 %

Shares of NYSE:OTIS opened at $91.74 on Wednesday. Otis Worldwide has a 12-month low of $85.42 and a 12-month high of $106.33. The company has a fifty day simple moving average of $97.87 and a 200 day simple moving average of $97.47. The firm has a market cap of $36.65 billion, a PE ratio of 22.88 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.01). The company had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. Otis Worldwide’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.95 EPS. As a group, equities research analysts forecast that Otis Worldwide will post 3.86 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were issued a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 1.70%. Otis Worldwide’s payout ratio is 38.90%.

Insider Buying and Selling

In related news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the transaction, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. This trade represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.23% of the stock is owned by insiders.

Hedge Funds Weigh In On Otis Worldwide

Large investors have recently bought and sold shares of the business. Acadian Asset Management LLC grew its holdings in Otis Worldwide by 96.2% in the second quarter. Acadian Asset Management LLC now owns 13,335 shares of the company’s stock worth $1,282,000 after purchasing an additional 6,537 shares during the last quarter. Caprock Group LLC grew its holdings in shares of Otis Worldwide by 100.8% during the second quarter. Caprock Group LLC now owns 5,779 shares of the company’s stock valued at $556,000 after buying an additional 2,901 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Otis Worldwide during the second quarter valued at $101,000. Prudential PLC grew its holdings in shares of Otis Worldwide by 76.9% during the second quarter. Prudential PLC now owns 31,515 shares of the company’s stock valued at $3,034,000 after buying an additional 13,696 shares during the last quarter. Finally, Choreo LLC grew its holdings in shares of Otis Worldwide by 190.4% during the second quarter. Choreo LLC now owns 17,948 shares of the company’s stock valued at $1,704,000 after buying an additional 11,767 shares during the last quarter. Institutional investors 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.