Otis Worldwide (NYSE:OTIS) Price Target Raised to $92.00 at Barclays

Otis Worldwide (NYSE:OTIS) had its target price hoisted by Barclays from $91.00 to $92.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “underweight” rating on the stock. Barclays‘s target price would indicate a potential downside of 9.77% from the stock’s previous close.

A number of other equities analysts have also commented on the stock. Wells Fargo & Company cut their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, January 30th. Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research note on Thursday, December 12th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and an average price target of $103.00.

Otis Worldwide Trading Up 0.6 %

Otis Worldwide stock opened at $101.97 on Wednesday. The firm has a 50 day simple moving average of $98.13 and a 200 day simple moving average of $98.50. Otis Worldwide has a 1-year low of $90.12 and a 1-year high of $106.83. The firm has a market capitalization of $40.43 billion, a price-to-earnings ratio of 25.14 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. On average, equities research analysts forecast that Otis Worldwide will post 4.04 EPS for the current year.

Otis Worldwide declared that its board has approved a share buyback plan on Thursday, January 16th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Otis Worldwide

In other news, EVP Peiming Zheng sold 32,694 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $95.43, for a total value of $3,119,988.42. Following the completion of the sale, the executive vice president now directly owns 169 shares in the company, valued at approximately $16,127.67. The trade was a 99.49 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Montlivault Stephane De sold 6,660 shares of the company’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the sale, the insider now directly owns 63,931 shares of the company’s stock, valued at $6,731,934.30. This trade represents a 9.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 112,281 shares of company stock worth $10,747,553 over the last 90 days. Corporate insiders own 0.23% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Transce3nd LLC bought a new position in Otis Worldwide during the 4th quarter worth approximately $25,000. Aster Capital Management DIFC Ltd bought a new position in shares of Otis Worldwide in the fourth quarter worth approximately $28,000. Fortitude Family Office LLC grew its holdings in shares of Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after purchasing an additional 267 shares during the last quarter. Centricity Wealth Management LLC purchased a new stake in Otis Worldwide during the 4th quarter valued at $33,000. Finally, Golden State Wealth Management LLC bought a new stake in Otis Worldwide in the 4th quarter worth $34,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

About Otis Worldwide

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.