Otis Worldwide (NYSE:OTIS) PT Lowered to $98.00

Otis Worldwide (NYSE:OTIS) had its target price lowered by investment analysts at Wells Fargo & Company from $102.00 to $98.00 in a research note issued on Thursday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 6.31% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on the stock. Melius assumed coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating on the stock. UBS Group lifted their price objective on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, February 16th. Vertical Research cut shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. Argus upgraded shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective on the stock in a research report on Thursday, February 22nd. Finally, Barclays lifted their price objective on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 2nd. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $96.86.

Otis Worldwide Trading Down 0.9 %

NYSE OTIS opened at $92.18 on Thursday. Otis Worldwide has a 12 month low of $73.32 and a 12 month high of $100.35. The stock has a market cap of $37.26 billion, a price-to-earnings ratio of 26.64 and a beta of 1.01. The company’s 50 day moving average is $96.44 and its two-hundred day moving average is $89.35.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.01. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. The company had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.44 billion. Sell-side analysts forecast that Otis Worldwide will post 3.87 EPS for the current year.

Insider Buying and Selling

In related news, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the sale, the chief executive officer now owns 192,319 shares in the company, valued at $17,660,653.77. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the completion of the transaction, the insider now directly owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the transaction, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of OTIS. Norges Bank purchased a new position in Otis Worldwide during the fourth quarter worth $628,855,000. Vanguard Group Inc. boosted its stake in shares of Otis Worldwide by 14.8% during the fourth quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock valued at $4,095,342,000 after purchasing an additional 5,913,933 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Otis Worldwide by 47.9% during the third quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock valued at $605,571,000 after purchasing an additional 2,442,203 shares during the period. Jacobs Levy Equity Management Inc. boosted its stake in shares of Otis Worldwide by 104.5% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,555,300 shares of the company’s stock valued at $124,906,000 after purchasing an additional 794,626 shares during the period. Finally, Qube Research & Technologies Ltd boosted its stake in shares of Otis Worldwide by 119.1% during the third quarter. Qube Research & Technologies Ltd now owns 981,574 shares of the company’s stock valued at $78,830,000 after purchasing an additional 533,590 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

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.