Otis Worldwide (NYSE:OTIS) Price Target Cut to $95.00 by Analysts at Wells Fargo & Company

Otis Worldwide (NYSE:OTIS) had its price objective cut by Wells Fargo & Company from $100.00 to $95.00 in a report released on Thursday,Benzinga reports. They currently have an equal weight rating on the stock.

Several other equities analysts have also issued reports on the company. JPMorgan Chase & Co. dropped their price target on Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 15th. Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research note on Thursday, December 12th. Barclays decreased their price target on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research note on Wednesday, January 8th. Finally, UBS Group initiated coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective on the stock. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $102.88.

Otis Worldwide Stock Performance

Shares of NYSE OTIS opened at $95.39 on Thursday. The stock has a market cap of $38.11 billion, a P/E ratio of 23.50 and a beta of 1.06. Otis Worldwide has a 52-week low of $87.57 and a 52-week high of $106.33. The firm has a 50 day moving average price of $96.02 and a two-hundred day moving average price of $97.18.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.57%. Analysts predict that Otis Worldwide will post 4.02 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.64%. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.42%.

Otis Worldwide declared that its Board of Directors has authorized a stock repurchase plan on Thursday, January 16th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 5.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other news, EVP Abbe Luersman sold 9,000 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the sale, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at $1,009,391.84. This trade represents a 47.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.23% of the company’s stock.

Hedge Funds Weigh In On Otis Worldwide

Several institutional investors have recently added to or reduced their stakes in OTIS. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Otis Worldwide by 6.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 60,427 shares of the company’s stock worth $5,817,000 after purchasing an additional 3,474 shares during the period. EP Wealth Advisors LLC boosted its holdings in shares of Otis Worldwide by 33.5% in the second quarter. EP Wealth Advisors LLC now owns 5,979 shares of the company’s stock worth $576,000 after acquiring an additional 1,502 shares during the period. Sanctuary Advisors LLC bought a new stake in shares of Otis Worldwide during the second quarter valued at about $2,073,000. Heritage Wealth Management Inc. bought a new position in shares of Otis Worldwide in the second quarter valued at approximately $302,000. Finally, Czech National Bank grew its stake in Otis Worldwide by 5.9% during the third quarter. Czech National Bank now owns 81,597 shares of the company’s stock valued at $8,481,000 after acquiring an additional 4,549 shares in the last quarter. Institutional investors 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.