Otis Worldwide Corporation (NYSE:OTIS) Stock Has Average Price Target of $91.20

Shares of Otis Worldwide Corporation (NYSE:OTIS) have been assigned a consensus rating of “Hold” from the nine analysts that are covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $91.20.

Several equities analysts have weighed in on the company. Morgan Stanley set a $75.00 price objective on Otis Worldwide in a report on Monday, August 10th. Sanford C. Bernstein lifted their price objective on Otis Worldwide from $90.00 to $94.00 and gave the stock an “outperform” rating in a report on Thursday, October 29th. Wells Fargo & Company lowered their price objective on Otis Worldwide from $77.00 to $75.00 and set an “underweight” rating on the stock in a research note on Thursday, October 29th. Royal Bank Of Canada set a $90.00 price objective on Otis Worldwide in a research note on Tuesday, July 28th. Finally, Evercore reaffirmed an “outperform” rating and set a $95.00 price objective on shares of Otis Worldwide in a report on Thursday, July 23rd.

Institutional Trading of Otis Worldwide

A number of institutional investors have recently modified their holdings of OTIS. University of Texas Texas AM Investment Management Co. raised its holdings in shares of Otis Worldwide by 65.3% during the 3rd quarter. University of Texas Texas AM Investment Management Co. now owns 686 shares of the company’s stock valued at $44,000 after buying an additional 271 shares in the last quarter. Candriam S.C.A. lifted its position in Otis Worldwide by 8.7% in the 3rd quarter. Candriam S.C.A. now owns 67,458 shares of the company’s stock worth $4,355,000 after buying an additional 5,392 shares during the last quarter. Ethic Inc. lifted its position in Otis Worldwide by 37.9% in the 3rd quarter. Ethic Inc. now owns 58,566 shares of the company’s stock worth $3,767,000 after buying an additional 16,103 shares during the last quarter. Alps Advisors Inc. boosted its stake in Otis Worldwide by 20.4% in the third quarter. Alps Advisors Inc. now owns 43,035 shares of the company’s stock worth $2,768,000 after buying an additional 7,277 shares in the last quarter. Finally, International Assets Investment Management LLC boosted its stake in Otis Worldwide by 204.8% in the third quarter. International Assets Investment Management LLC now owns 5,974 shares of the company’s stock worth $385,000 after buying an additional 4,014 shares in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $76.88 on Friday. The firm has a 50-day moving average of $69.91 and a 200-day moving average of $76.31. Otis Worldwide has a one year low of $63.58 and a one year high of $94.57. The company has a market cap of $29.27 billion, a P/E ratio of 19.13, a P/E/G ratio of 2.84 and a beta of 0.87.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, October 28th. The company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.04. Otis Worldwide had a net margin of 10.28% and a negative return on equity of 28.45%. The business had revenue of $3.91 billion for the quarter, compared to analysts’ expectations of $3.85 billion. During the same period in the previous year, the company earned $1.05 earnings per share. The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year. As a group, research analysts expect that Otis Worldwide will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be paid a $0.44 dividend. The ex-dividend date is Friday, November 13th. This represents a $1.76 annualized dividend and a dividend yield of 2.3%. Otis Worldwide’s dividend payout ratio (DPR) is presently 43.78%.

Otis Worldwide Company Profile

Otis Worldwide Corporation (NYSE: OTIS) is a global manufacturer and service provider for the elevator and escalator industry. The company designs, manufactures, installs, modernizes and maintains elevators, escalators and moving walkways for commercial buildings, residential developments, transportation hubs and other infrastructure projects.

Otis provides equipment for new construction as well as maintenance, repair and modernization services for existing systems. Its service operations support equipment from Otis and other manufacturers, helping building owners and operators manage the safety, performance and lifecycle of vertical transportation systems.

The company traces its history to 1853, when Elisha Otis demonstrated a safety device for elevators.