Otis Worldwide (NYSE:OTIS) receives $79.00 price target from Credit Suisse Group analysts



Credit Suisse Group has set a price target of $79.00 on Otis Worldwide (NYSE: OTIS – Get an Assessment) in a research report sent to investors Tuesday morning, Stock Target Advisor reports.

Other research analysts have also recently published research reports on the company. Berenberg Bank lowered its price target on Otis Worldwide from $88.00 to $80.00 and set a buy rating on the stock in a Wednesday, June 22 research note. Wells Fargo & Company lowered its price target on Otis Worldwide from $69.00 to $67.00 in a Tuesday, July 12 research note. JPMorgan Chase & Co. downgraded Otis Worldwide from an overweight rating to a neutral rating and lowered its price target for the stock from $100.00 to $62.00 in a Thursday, July 7 research note. Cowen lowered his price target on Otis Worldwide from $91.00 to $85.00 and set an outperform rating for the stock in a Tuesday, April 26 research note. Finally, Exane BNP Paribas downgraded Otis Worldwide from an Outperform rating to a Neutral rating and lowered its price target for the stock from $95.00 to $80.00 in a Tuesday, July 5 research note. Two analysts have assigned the stock a sell rating, four have assigned a hold rating and five have assigned the stock a buy rating. According to data from MarketBeat, the company currently has an average rating of Hold and an average price target of $78.04.

Otis Global Stock Performance

Shares of NYSE OTIS opened at $71.84 on Tuesday. Otis Worldwide has a fifty-two week low of $66.97 and a fifty-two week high of $92.84. The company has a market capitalization of $30.37 billion, a PE ratio of 24.69 and a beta of 0.85. The stock’s 50-day simple moving average is $71.99 and its 200-day simple moving average is $76.16.

Otis Worldwide (NYSE: OTIS – Get Rating) last reported results on Monday, April 25. The company reported earnings per share of $0.77 for the quarter, beating the consensus estimate of $0.75 by $0.02. The company posted revenue of $3.41 billion for the quarter, versus analyst estimates of $3.45 billion. Otis Worldwide posted a negative return on equity of 35.81% and a net margin of 8.73%. The company’s quarterly revenue increased 0.2% year over year. In the same quarter last year, the company achieved EPS of $0.72. On average, sell-side analysts expect Otis Worldwide to post 3.2 earnings per share for the current fiscal year.

Otis Worldwide increases its dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 10. Investors of record on Friday, May 20 received a dividend of $0.29. The ex-dividend date was Thursday, May 19. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.24. This represents a dividend of $1.16 on an annualized basis and a dividend yield of 1.61%. Otis Worldwide’s payout ratio is 39.86%.

Institutional trading of Otis around the world

A number of institutional investors have recently changed their holdings in OTIS. Norges Bank purchased a new stake in shares of Otis Worldwide in the fourth quarter worth approximately $335,180,000. Viking Global Investors LP purchased a new equity stake in Otis Worldwide in the first quarter worth approximately $272,262,000. JPMorgan Chase & Co. increased its stake in Otis Worldwide by 169.6% during the fourth quarter. JPMorgan Chase & Co. now owns 4,635,029 shares of the company worth $403,573,000 after purchasing an additional 2,916,030 shares in the last quarter. Lazard Asset Management LLC increased its stake in Otis Worldwide by 2,317.8% during the fourth quarter. Lazard Asset Management LLC now owns 2,911,768 shares of the company worth $253,527,000 after purchasing an additional 2,791,340 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in Otis Worldwide by 54.3% during the first quarter. Wellington Management Group LLP now owns 4,221,665 shares of the company worth $324,857,000 after purchasing an additional 1,484,963 shares in the last quarter. 83.32% of the shares are currently held by hedge funds and other institutional investors.

Otis Worldwide Company Profile

(Get a rating)

Otis Worldwide Corporation manufactures, installs and services elevators and escalators in the United States, China and around the world. 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 walks for residential and commercial buildings and infrastructure projects.

See also

Analyst Recommendations for Otis Worldwide (NYSE: OTIS)



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