Otis Worldwide (NYSE:OTIS) Coverage Initiated at Morgan Stanley

Morgan Stanley started coverage on shares of Otis Worldwide (NYSE:OTIS) in a research note released on Friday morning, Marketbeat.com reports. The brokerage issued an equal weight rating and a $97.00 price objective on the stock.

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

Otis Worldwide Trading Up 0.3 %

NYSE OTIS opened at $91.67 on Friday. The company has a fifty day simple moving average of $94.78 and a two-hundred day simple moving average of $95.97. The stock has a market cap of $37.06 billion, a P/E ratio of 26.49 and a beta of 1.03. Otis Worldwide has a 12-month low of $73.32 and a 12-month high of $100.84.

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

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were given a $0.39 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.70%. Otis Worldwide’s dividend payout ratio (DPR) is 45.09%.

Institutional Trading of Otis Worldwide

Institutional investors have recently modified their holdings of the stock. Spire Wealth Management grew its stake in Otis Worldwide by 19.0% during the 4th quarter. Spire Wealth Management now owns 932 shares of the company’s stock valued at $82,000 after acquiring an additional 149 shares in the last quarter. Private Advisor Group LLC grew its position in shares of Otis Worldwide by 2.5% in the fourth quarter. Private Advisor Group LLC now owns 27,740 shares of the company’s stock valued at $2,482,000 after purchasing an additional 683 shares in the last quarter. Lincoln National Corp increased its holdings in shares of Otis Worldwide by 34.5% in the fourth quarter. Lincoln National Corp now owns 5,253 shares of the company’s stock valued at $470,000 after purchasing an additional 1,347 shares during the last quarter. Apollon Wealth Management LLC lifted its position in Otis Worldwide by 10.9% during the fourth quarter. Apollon Wealth Management LLC now owns 4,843 shares of the company’s stock worth $433,000 after buying an additional 475 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Otis Worldwide by 1.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,173,904 shares of the company’s stock worth $194,499,000 after buying an additional 41,361 shares during the last quarter. Institutional investors and hedge funds 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.