Otis Worldwide Corporation (NYSE:OTIS) Receives Average Recommendation of “Hold” from Analysts

Otis Worldwide Corporation (NYSE:OTISGet Free Report) has been given a consensus rating of “Hold” by the ten analysts that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $104.1250.

Several research firms have issued reports on OTIS. Barclays lifted their price target on shares of Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a research report on Thursday, October 30th. Wolfe Research set a $109.00 target price on Otis Worldwide and gave the stock an “outperform” rating in a report on Wednesday, October 8th. Wall Street Zen downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Weiss Ratings reissued a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. Finally, Wells Fargo & Company cut their price objective on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a report on Monday, December 15th.

Get Our Latest Stock Report on OTIS

Otis Worldwide Trading Down 1.7%

Shares of Otis Worldwide stock opened at $87.13 on Friday. Otis Worldwide has a 52 week low of $84.00 and a 52 week high of $106.83. The stock has a market cap of $33.96 billion, a PE ratio of 24.89, a price-to-earnings-growth ratio of 2.56 and a beta of 1.02. The company’s 50-day moving average price is $88.45 and its two-hundred day moving average price is $89.43.

Otis Worldwide (NYSE:OTISGet Free Report) last posted its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 earnings per share for the quarter, meeting the consensus estimate of $1.03. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The company had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same quarter last year, the firm posted $0.93 EPS. The business’s revenue for the quarter was up 3.3% on a year-over-year basis. On average, equities analysts predict that Otis Worldwide will post 4.04 EPS for the current fiscal year.

Key Otis Worldwide News

Here are the key news stories impacting Otis Worldwide this week:

Insider Activity at Otis Worldwide

In related news, CAO Michael Patrick Ryan sold 3,028 shares of the firm’s stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $91.69, for a total value of $277,637.32. Following the completion of the transaction, the chief accounting officer owned 2,628 shares of the company’s stock, valued at approximately $240,961.32. This trade represents a 53.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.23% of the company’s stock.

Institutional Trading of Otis Worldwide

Several large investors have recently added to or reduced their stakes in the company. Atlantic Union Bankshares Corp lifted its holdings in shares of Otis Worldwide by 48.2% during the 2nd quarter. Atlantic Union Bankshares Corp now owns 58,088 shares of the company’s stock valued at $5,752,000 after buying an additional 18,881 shares during the last quarter. Pinnacle Financial Partners Inc increased its holdings in Otis Worldwide by 19.6% in the third quarter. Pinnacle Financial Partners Inc now owns 77,492 shares of the company’s stock worth $7,085,000 after buying an additional 12,721 shares during the last quarter. Natixis raised its position in Otis Worldwide by 226.4% during the second quarter. Natixis now owns 84,026 shares of the company’s stock valued at $8,320,000 after acquiring an additional 58,286 shares in the last quarter. Carnegie Investment Counsel raised its position in Otis Worldwide by 19.9% during the third quarter. Carnegie Investment Counsel now owns 234,368 shares of the company’s stock valued at $21,428,000 after acquiring an additional 38,931 shares in the last quarter. Finally, Canoe Financial LP grew its position in Otis Worldwide by 64.0% in the third quarter. Canoe Financial LP now owns 2,411,956 shares of the company’s stock worth $220,525,000 after acquiring an additional 940,862 shares in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Company Profile

(Get Free Report)

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.

Further Reading

Analyst Recommendations for Otis Worldwide (NYSE:OTIS)

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