Otis Worldwide (NYSE:OTIS) Price Target Cut to $98.00

Otis Worldwide (NYSE:OTIS) had its target price dropped by equities research analysts at Wells Fargo & Company from $102.00 to $98.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 5.02% from the company’s previous close.

A number of other research firms have also recently issued reports on OTIS. Barclays upped their price objective on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 2nd. Argus upgraded Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective for the company in a report on Thursday, February 22nd. Melius assumed coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They issued a “hold” rating for the company. Vertical Research lowered Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $100.00 target price on shares of Otis Worldwide in a research note on Monday, February 5th. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $95.50.

Otis Worldwide Stock Performance

Otis Worldwide stock traded down $0.05 during midday trading on Thursday, hitting $93.32. 473,715 shares of the company’s stock were exchanged, compared to its average volume of 2,009,817. Otis Worldwide has a 52-week low of $73.32 and a 52-week high of $100.35. The stock has a 50-day moving average price of $96.41 and a two-hundred day moving average price of $89.24. The company has a market cap of $37.72 billion, a P/E ratio of 27.51 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.87 by $0.01. Otis Worldwide had a negative return on equity of 30.75% and a net margin of 9.90%. The firm had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.44 billion. As a group, sell-side analysts expect that Otis Worldwide will post 3.87 earnings per share for the current year.

Insider Activity

In related news, CEO Judith Fran Marks sold 37,312 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the transaction, the insider now directly owns 67,274 shares in the company, valued at $6,128,661.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 192,319 shares in the company, 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 Investors Weigh In On Otis Worldwide

Large investors have recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. increased its stake in Otis Worldwide by 0.3% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 32,048 shares of the company’s stock worth $3,181,000 after acquiring an additional 110 shares during the last quarter. Private Trust Co. NA increased its stake in Otis Worldwide by 0.9% during the first quarter. Private Trust Co. NA now owns 12,931 shares of the company’s stock worth $1,284,000 after acquiring an additional 118 shares during the last quarter. Leavell Investment Management Inc. bought a new stake in Otis Worldwide during the first quarter worth approximately $214,000. V Square Quantitative Management LLC increased its stake in Otis Worldwide by 17.4% during the first quarter. V Square Quantitative Management LLC now owns 11,290 shares of the company’s stock worth $1,121,000 after acquiring an additional 1,673 shares during the last quarter. Finally, Simplicity Wealth LLC bought a new position in shares of Otis Worldwide during the first quarter valued at approximately $964,000. 88.03% of the stock is owned by 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.