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

Otis Worldwide (NYSE:OTIS) had its price target raised by Wells Fargo & Company from $98.00 to $100.00 in a research report released on Wednesday morning, Benzinga reports. They currently have an equal weight rating on the stock.

OTIS has been the topic of several other reports. Melius initiated coverage on shares of Otis Worldwide in a report on Tuesday, April 2nd. They set a hold rating on the stock. Barclays lifted their price objective on Otis Worldwide from $85.00 to $90.00 and gave the company an equal weight rating in a report on Tuesday, April 2nd. Argus increased their target price on Otis Worldwide from $102.00 to $108.00 and gave the stock a buy rating in a report on Monday, May 13th. Finally, JPMorgan Chase & Co. boosted their price target on Otis Worldwide from $104.00 to $105.00 and gave the company a neutral rating in a research note on Thursday, April 25th. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of Hold and an average price target of $99.67.

Otis Worldwide Trading Up 1.0 %

NYSE:OTIS opened at $100.21 on Wednesday. The stock has a 50 day simple moving average of $96.97 and a 200 day simple moving average of $94.47. The stock has a market cap of $40.52 billion, a P/E ratio of 28.96 and a beta of 1.03. Otis Worldwide has a 1-year low of $73.32 and a 1-year high of $100.84.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.87 by $0.01. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. The company had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.44 billion. As a group, sell-side analysts forecast that Otis Worldwide will post 3.88 EPS for the current year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 17th were paid a dividend of $0.39 per share. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Thursday, May 16th. This represents a $1.56 annualized dividend and a yield of 1.56%. Otis Worldwide’s payout ratio is presently 45.09%.

Insider Transactions at Otis Worldwide

In related news, EVP Peiming Zheng sold 30,364 shares of the stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total value of $2,844,803.16. Following the completion of the transaction, the executive vice president now owns 15,570 shares of the company’s stock, valued at approximately $1,458,753.30. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 0.23% of the company’s stock.

Hedge Funds Weigh In On Otis Worldwide

Large investors have recently bought and sold shares of the company. Comerica Bank bought a new position in Otis Worldwide in the 3rd quarter valued at approximately $9,128,000. Graham Capital Management L.P. acquired a new position in shares of Otis Worldwide during the third quarter worth $1,441,000. Public Sector Pension Investment Board grew its stake in shares of Otis Worldwide by 11.4% in the third quarter. Public Sector Pension Investment Board now owns 44,105 shares of the company’s stock worth $3,542,000 after purchasing an additional 4,530 shares during the last quarter. Deutsche Bank AG increased its holdings in Otis Worldwide by 3.0% in the third quarter. Deutsche Bank AG now owns 1,404,975 shares of the company’s stock valued at $112,834,000 after purchasing an additional 40,685 shares during the period. Finally, Modera Wealth Management LLC raised its position in Otis Worldwide by 20.1% during the 3rd quarter. Modera Wealth Management LLC now owns 9,332 shares of the company’s stock worth $749,000 after purchasing an additional 1,564 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors.

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.