Wells Fargo & Company Cuts Otis Worldwide (NYSE:OTIS) Price Target to $100.00

Otis Worldwide (NYSE:OTIS) had its price objective cut by Wells Fargo & Company from $105.00 to $100.00 in a report issued on Tuesday morning,Benzinga reports. They currently have an equal weight rating on the stock.

OTIS has been the topic of several other reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Barclays cut shares of Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 price objective on the stock. in a report on Thursday, December 5th. UBS Group assumed coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price for the company. Finally, Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a report on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Otis Worldwide has an average rating of “Hold” and an average target price of $103.50.

Otis Worldwide Price Performance

OTIS stock opened at $91.74 on Tuesday. The firm has a market cap of $36.65 billion, a price-to-earnings ratio of 22.88 and a beta of 1.06. Otis Worldwide has a 1-year low of $85.42 and a 1-year high of $106.33. The firm has a fifty day moving average price of $97.74 and a two-hundred day moving average price of $97.43.

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

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors 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 yield of 1.70%. Otis Worldwide’s payout ratio is 38.90%.

Insiders Place Their Bets

In related news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the sale, the executive vice president now directly owns 9,992 shares in the company, valued at $1,009,391.84. The trade was a 47.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.23% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in OTIS. JPMorgan Chase & Co. boosted its stake in shares of Otis Worldwide by 41.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock worth $2,918,223,000 after acquiring an additional 8,161,946 shares in the last quarter. Franklin Resources Inc. increased its stake in Otis Worldwide by 58.3% in the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock worth $774,863,000 after purchasing an additional 2,706,871 shares in the last quarter. Van ECK Associates Corp raised its holdings in Otis Worldwide by 3,673.6% during the 3rd quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company’s stock worth $232,662,000 after buying an additional 2,201,988 shares during the period. Massachusetts Financial Services Co. MA lifted its stake in Otis Worldwide by 12.4% during the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock valued at $793,945,000 after buying an additional 907,972 shares in the last quarter. Finally, Brown Brothers Harriman & Co. boosted its holdings in shares of Otis Worldwide by 2,782.3% in the second quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock worth $78,469,000 after buying an additional 786,897 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

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.