Barclays Has Lowered Expectations for Otis Worldwide (NYSE:OTIS) Stock Price

Otis Worldwide (NYSE:OTIS) had its price objective lowered by Barclays from $96.00 to $94.00 in a report published on Thursday, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Several other equities research analysts have also issued reports on the stock. Morgan Stanley began coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective for the company. Wells Fargo & Company raised their price objective on shares of Otis Worldwide from $95.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. Finally, Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $102.00.

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $99.44 on Thursday. The firm’s 50 day moving average price is $99.11 and its two-hundred day moving average price is $96.91. The firm has a market cap of $39.83 billion, a PE ratio of 24.80 and a beta of 1.04. Otis Worldwide has a twelve month low of $77.51 and a twelve month high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced 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). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter in the prior year, the business posted $0.95 earnings per share. Otis Worldwide’s revenue was up .7% on a year-over-year basis. Equities analysts anticipate that Otis Worldwide will post 3.85 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be given a dividend of $0.39 per share. The ex-dividend date is Friday, November 15th. This represents a $1.56 annualized dividend and a yield of 1.57%. Otis Worldwide’s dividend payout ratio (DPR) is 38.90%.

Institutional Trading of Otis Worldwide

Hedge funds and other institutional investors have recently modified their holdings of the stock. Massachusetts Financial Services Co. MA grew its holdings in Otis Worldwide by 12.4% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock worth $793,945,000 after acquiring an additional 907,972 shares during the period. PineStone Asset Management Inc. lifted its stake in Otis Worldwide by 138.3% in the second quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock valued at $429,717,000 after buying an additional 2,590,780 shares in the last quarter. Sarasin & Partners LLP lifted its stake in Otis Worldwide by 27.2% in the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock valued at $398,061,000 after buying an additional 883,659 shares in the last quarter. Legal & General Group Plc boosted its holdings in shares of Otis Worldwide by 0.4% in the second quarter. Legal & General Group Plc now owns 3,660,401 shares of the company’s stock valued at $352,351,000 after buying an additional 15,021 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Otis Worldwide by 4.1% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,191,118 shares of the company’s stock worth $316,782,000 after acquiring an additional 126,684 shares in the last quarter. 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.