Credit Suisse Group Raises Otis Worldwide (NASDAQ:OTIS) Price Target to $66.00

Otis Worldwide (NASDAQ:OTIS) had its price target increased by Credit Suisse Group from $55.00 to $66.00 in a report published on Wednesday morning, The Fly reports. The brokerage currently has a neutral rating on the stock.

A number of other brokerages have also weighed in on OTIS. Zacks Investment Research lowered Otis Worldwide from a hold rating to a sell rating in a research note on Wednesday. Barclays reaffirmed a hold rating on shares of Otis Worldwide in a research report on Friday, May 8th. Vertical Research initiated coverage on Otis Worldwide in a research report on Monday, April 6th. They issued a buy rating and a $53.00 target price on the stock. Atlantic Securities initiated coverage on Otis Worldwide in a research report on Tuesday, April 14th. They issued an overweight rating on the stock. Finally, William Blair initiated coverage on Otis Worldwide in a research report on Friday, May 8th. They issued a market perform rating on the stock. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus price target of $58.63.

Shares of Otis Worldwide stock opened at $62.74 on Wednesday. Otis Worldwide has a fifty-two week low of $38.00 and a fifty-two week high of $64.52. The stock has a market cap of $27.17 billion and a price-to-earnings ratio of 32.68. The business’s fifty day simple moving average is $57.45.

Otis Worldwide (NASDAQ:OTIS) last issued its quarterly earnings results on Tuesday, July 28th. The company reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.12. The business had revenue of $3.03 billion for the quarter, compared to analysts’ expectations of $2.92 billion. Otis Worldwide’s revenue was down 9.6% on a year-over-year basis.

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Friday, August 21st will be issued a $0.20 dividend. The ex-dividend date is Thursday, August 20th. This represents a $0.80 annualized dividend and a yield of 1.28%. Otis Worldwide’s dividend payout ratio is currently 41.67%.

In related news, insider Montlivault Stephane De sold 10,454 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $51.81, for a total value of $541,621.74. Following the completion of the sale, the insider now directly owns 1,403 shares in the company, valued at approximately $72,689.43. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Several institutional investors have recently made changes to their positions in OTIS. Core Alternative Capital acquired a new stake in shares of Otis Worldwide during the second quarter valued at about $25,000. Independence Bank of Kentucky acquired a new stake in shares of Otis Worldwide during the second quarter valued at about $26,000. Sowa Financial Group Inc. acquired a new stake in shares of Otis Worldwide during the second quarter valued at about $26,000. Truehand Inc acquired a new stake in shares of Otis Worldwide during the second quarter valued at about $27,000. Finally, Gradient Investments LLC acquired a new position in Otis Worldwide in the second quarter worth about $27,000.

Otis Worldwide Company Profile

There is no company description available for Otis Worldwide Corp.

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The Fly

Analyst Recommendations for Otis Worldwide (NASDAQ:OTIS)

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