Otis Worldwide (NYSE:OTIS) Upgraded to Buy at Wall Street Zen

Otis Worldwide (NYSE:OTIS) was upgraded by Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Saturday.

Several other equities analysts have also recently weighed in on the stock. BNP Paribas Exane raised shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target on the stock in a research report on Tuesday. Weiss Ratings reissued a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday. Zacks Research upgraded Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. JPMorgan Chase & Co. upped their price target on Otis Worldwide from $105.00 to $111.00 and gave the stock an “overweight” rating in a report on Wednesday, October 15th. Finally, Barclays increased their price target on Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research report on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $103.88.

Otis Worldwide Trading Up 0.5%

Shares of OTIS stock opened at $88.13 on Friday. The firm has a fifty day simple moving average of $89.68 and a two-hundred day simple moving average of $91.34. Otis Worldwide has a 12 month low of $84.25 and a 12 month high of $106.83. The firm has a market capitalization of $34.34 billion, a PE ratio of 26.00, a price-to-earnings-growth ratio of 3.34 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, October 29th. The company reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.05. The firm had revenue of $3.69 billion for the quarter, compared to analyst estimates of $3.65 billion. Otis Worldwide had a net margin of 9.41% and a negative return on equity of 30.67%. The business’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same period last year, the firm earned $0.96 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. On average, equities analysts predict that Otis Worldwide will post 4.04 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 3,028 shares of the business’s stock in a transaction on Wednesday, November 5th. The stock was sold at an average price of $91.69, for a total value of $277,637.32. Following the transaction, the chief accounting officer owned 2,628 shares of the company’s stock, valued at approximately $240,961.32. The trade was a 53.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.23% of the company’s stock.

Institutional Investors Weigh In On Otis Worldwide

Several large investors have recently made changes to their positions in OTIS. Vanguard Group Inc. boosted its holdings in shares of Otis Worldwide by 4.3% in the 2nd quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company’s stock worth $4,811,100,000 after buying an additional 1,991,860 shares during the last quarter. Alliancebernstein L.P. increased its holdings in Otis Worldwide by 3.2% during the second quarter. Alliancebernstein L.P. now owns 19,378,760 shares of the company’s stock worth $1,918,885,000 after buying an additional 603,860 shares during the last quarter. Geode Capital Management LLC raised its position in Otis Worldwide by 1.2% in the second quarter. Geode Capital Management LLC now owns 10,673,127 shares of the company’s stock worth $1,057,594,000 after acquiring an additional 129,458 shares during the period. Franklin Resources Inc. boosted its stake in Otis Worldwide by 4.5% in the third quarter. Franklin Resources Inc. now owns 7,419,634 shares of the company’s stock valued at $678,377,000 after acquiring an additional 322,255 shares during the last quarter. Finally, Norges Bank purchased a new position in Otis Worldwide in the second quarter valued at about $721,614,000. 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.