Otis Worldwide (NYSE:OTIS) Now Covered by Analysts at Morgan Stanley

Morgan Stanley began coverage on shares of Otis Worldwide (NYSE:OTIS) in a report released on Friday morning, MarketBeat reports. The firm issued an equal weight rating and a $97.00 target price on the stock.

Several other brokerages also recently issued reports on OTIS. Argus upped their target price on shares of Otis Worldwide from $102.00 to $108.00 and gave the stock a buy rating in a research note on Monday, May 13th. Wells Fargo & Company lowered their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an equal weight rating on the stock in a research report on Thursday, July 25th. Seven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of Hold and an average price target of $98.57.

Otis Worldwide Trading Down 1.1 %

Shares of NYSE OTIS opened at $91.43 on Friday. Otis Worldwide has a 12 month low of $73.32 and a 12 month high of $100.84. The firm has a fifty day simple moving average of $94.84 and a two-hundred day simple moving average of $95.91. The firm has a market capitalization of $36.97 billion, a PE ratio of 26.42 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.03. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The company had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.74 billion. During the same period in the prior year, the firm earned $0.92 earnings per share. The firm’s revenue for the quarter was down 3.2% on a year-over-year basis. On average, sell-side analysts predict that Otis Worldwide will post 3.88 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.71%. The ex-dividend date of this dividend was Friday, August 16th. Otis Worldwide’s dividend payout ratio is 45.09%.

Institutional Trading of Otis Worldwide

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in shares of Otis Worldwide by 14.8% in the fourth quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock worth $4,095,342,000 after buying an additional 5,913,933 shares during the period. Massachusetts Financial Services Co. MA increased its stake in Otis Worldwide by 12.4% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock worth $793,945,000 after buying an additional 907,972 shares during the period. Norges Bank bought a new stake in Otis Worldwide during the 4th quarter valued at about $628,855,000. PineStone Asset Management Inc. grew its stake in Otis Worldwide by 138.3% in the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock worth $429,717,000 after acquiring an additional 2,590,780 shares in the last quarter. Finally, Sarasin & Partners LLP increased its position in shares of Otis Worldwide by 27.2% during the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock worth $398,061,000 after acquiring an additional 883,659 shares during the period. 88.03% of the stock is currently owned by institutional investors.

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.