Otis Worldwide (NYSE:OTIS) Price Target Lowered to $91.00 at Barclays

Otis Worldwide (NYSE:OTIS) had its price objective cut by research analysts at Barclays from $94.00 to $91.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “underweight” rating on the stock. Barclays‘s price target points to a potential downside of 1.25% from the company’s previous close.

Several other analysts have also commented on OTIS. Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. Wells Fargo & Company cut their price target on Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a research note on Thursday, December 12th. Finally, UBS Group initiated coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $103.50.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $92.15 on Wednesday. The company has a market cap of $36.81 billion, a PE ratio of 22.98 and a beta of 1.06. The stock’s 50 day simple moving average is $98.00 and its two-hundred day simple moving average is $97.51. Otis Worldwide has a 1 year low of $85.42 and a 1 year high of $106.33.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The firm had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The company’s revenue for the quarter was up .7% on a year-over-year basis. During the same period last year, the firm earned $0.95 earnings per share. Equities research analysts expect that Otis Worldwide will post 3.86 EPS for the current year.

Insider Transactions at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the sale, the executive vice president now directly owns 9,992 shares in the company, valued at $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.23% of the company’s stock.

Institutional Trading of Otis Worldwide

A number of hedge funds have recently added to or reduced their stakes in OTIS. Riverview Trust Co purchased a new position in shares of Otis Worldwide in the 3rd quarter valued at $25,000. Meeder Asset Management Inc. increased its stake in Otis Worldwide by 264.9% during the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after purchasing an additional 196 shares during the last quarter. Cranbrook Wealth Management LLC lifted its holdings in Otis Worldwide by 675.7% in the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after acquiring an additional 250 shares during the last quarter. Northwest Investment Counselors LLC bought a new position in Otis Worldwide during the 3rd quarter worth $28,000. Finally, Ashton Thomas Securities LLC acquired a new stake in shares of Otis Worldwide in the 3rd quarter worth about $29,000. 88.03% of the stock is owned by institutional investors and hedge funds.

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.