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

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

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

Otis Worldwide Price Performance

Shares of OTIS opened at $92.15 on Wednesday. The business’s 50-day moving average is $98.00 and its 200-day moving average is $97.51. Otis Worldwide has a fifty-two week low of $85.42 and a fifty-two week high of $106.33. The company has a market capitalization of $36.81 billion, a price-to-earnings ratio of 22.98 and a beta of 1.06.

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

Insiders Place Their Bets

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

Hedge Funds Weigh In On Otis Worldwide

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

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.