Wells Fargo & Company Issues Pessimistic Forecast for Otis Worldwide (NYSE:OTIS) Stock Price

Otis Worldwide (NYSE:OTIS) had its price target lowered by analysts at Wells Fargo & Company from $108.00 to $105.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target indicates a potential upside of 6.92% from the stock’s current price.

Several other brokerages have also issued reports on OTIS. Barclays lowered their price target on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a report on Thursday. Morgan Stanley initiated coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target for the company. Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Eight analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $102.00.

Otis Worldwide Stock Down 0.1 %

Shares of OTIS stock traded down $0.08 during trading hours on Thursday, reaching $98.20. 2,390,398 shares of the company’s stock were exchanged, compared to its average volume of 2,107,329. Otis Worldwide has a fifty-two week low of $76.22 and a fifty-two week high of $106.33. The business has a fifty day moving average price of $98.92 and a 200-day moving average price of $96.86. The stock has a market capitalization of $39.33 billion, a P/E ratio of 28.38 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.01). The company had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The business’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.95 earnings per share. As a group, research analysts expect that Otis Worldwide will post 3.88 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in OTIS. US Financial Advisors LLC acquired a new position in shares of Otis Worldwide during the third quarter worth approximately $213,000. Maia Wealth LLC acquired a new stake in shares of Otis Worldwide in the 3rd quarter valued at $47,000. Radnor Capital Management LLC lifted its stake in shares of Otis Worldwide by 4.9% during the third quarter. Radnor Capital Management LLC now owns 4,776 shares of the company’s stock valued at $496,000 after acquiring an additional 224 shares during the period. Crestwood Advisors Group LLC boosted its holdings in Otis Worldwide by 11.2% in the third quarter. Crestwood Advisors Group LLC now owns 2,701 shares of the company’s stock valued at $281,000 after acquiring an additional 273 shares during the last quarter. Finally, Sentry Investment Management LLC increased its position in Otis Worldwide by 3.1% in the third quarter. Sentry Investment Management LLC now owns 6,300 shares of the company’s stock worth $655,000 after purchasing an additional 187 shares during the period. Institutional investors and hedge funds 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.