Otis Worldwide (NYSE:OTIS) Price Target Cut to $95.00 by Analysts at Wells Fargo & Company

Otis Worldwide (NYSE:OTIS) had its price target decreased by Wells Fargo & Company from $100.00 to $95.00 in a report released on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential downside of 1.31% from the company’s current price.

Several other brokerages also recently issued reports on OTIS. Wolfe Research downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a research report on Thursday, December 12th. UBS Group assumed coverage on Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price for the company. Barclays dropped their price target on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 8th. Finally, JPMorgan Chase & Co. reduced their price objective on Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating for the company in a research report on Wednesday, January 15th. Two 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $103.25.

Otis Worldwide Stock Up 0.4 %

Shares of OTIS stock opened at $96.27 on Thursday. Otis Worldwide has a fifty-two week low of $87.57 and a fifty-two week high of $106.33. The firm’s 50 day moving average price is $96.12 and its two-hundred day moving average price is $97.19. The stock has a market cap of $38.45 billion, a price-to-earnings ratio of 24.11 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. On average, equities analysts forecast that Otis Worldwide will post 3.86 EPS for the current fiscal year.

Otis Worldwide announced that its board has initiated a share repurchase program on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.23% of the company’s stock.

Institutional Trading of Otis Worldwide

Several hedge funds have recently modified their holdings of OTIS. Riverview Trust Co acquired a new stake in shares of Otis Worldwide in the 3rd quarter valued at $25,000. Northwest Investment Counselors LLC acquired a new position in Otis Worldwide during the 3rd quarter valued at about $28,000. Ashton Thomas Securities LLC bought a new position in shares of Otis Worldwide in the 3rd quarter valued at about $29,000. Fortitude Family Office LLC raised its position in shares of Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after acquiring an additional 267 shares during the last quarter. Finally, Capital Performance Advisors LLP bought a new position in shares of Otis Worldwide in the 3rd quarter worth $34,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

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.