Otis Worldwide (NYSE:OTIS) Price Target Cut to $98.00

Otis Worldwide (NYSE:OTIS) had its price objective dropped by stock analysts at Wells Fargo & Company from $102.00 to $98.00 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 objective would indicate a potential upside of 5.02% from the company’s current price.

A number of other research firms have also issued reports on OTIS. Argus raised shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price target for the company in a research report on Thursday, February 22nd. Melius began coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating on the stock. Vertical Research lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. UBS Group raised their price objective on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, February 16th. Finally, Barclays raised their price objective on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 2nd. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $95.50.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS traded down $0.05 during trading hours on Thursday, hitting $93.32. 473,715 shares of the company’s stock traded hands, compared to its average volume of 2,009,817. Otis Worldwide has a 52 week low of $73.32 and a 52 week high of $100.35. The company has a market cap of $37.72 billion, a price-to-earnings ratio of 27.51 and a beta of 1.01. The company’s fifty day simple moving average is $96.41 and its two-hundred day simple moving average is $89.24.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.01. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. The company had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.44 billion. On average, analysts anticipate that Otis Worldwide will post 3.87 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Montlivault Stephane De sold 18,393 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the completion of the transaction, the insider now directly owns 67,274 shares in the company, valued at approximately $6,128,661.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total value of $3,426,360.96. Following the sale, the chief executive officer now owns 192,319 shares in the company, valued at approximately $17,660,653.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Montlivault Stephane De sold 18,393 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the sale, the insider now owns 67,274 shares in the company, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. Corporate insiders own 0.23% of the company’s stock.

Institutional Investors Weigh In On Otis Worldwide

Institutional investors and hedge funds have recently made changes to their positions in the stock. AE Wealth Management LLC increased its holdings in shares of Otis Worldwide by 15.4% during the 3rd quarter. AE Wealth Management LLC now owns 11,078 shares of the company’s stock worth $890,000 after acquiring an additional 1,476 shares during the last quarter. Global Retirement Partners LLC increased its holdings in shares of Otis Worldwide by 23.4% during the 3rd quarter. Global Retirement Partners LLC now owns 1,174 shares of the company’s stock worth $94,000 after acquiring an additional 223 shares during the last quarter. Avior Wealth Management LLC increased its holdings in shares of Otis Worldwide by 42.3% during the 3rd quarter. Avior Wealth Management LLC now owns 481 shares of the company’s stock worth $39,000 after acquiring an additional 143 shares during the last quarter. Czech National Bank grew its holdings in Otis Worldwide by 47.2% in the 3rd quarter. Czech National Bank now owns 71,965 shares of the company’s stock valued at $5,780,000 after buying an additional 23,061 shares in the last quarter. Finally, Asset Management One Co. Ltd. grew its holdings in Otis Worldwide by 1.0% in the 3rd quarter. Asset Management One Co. Ltd. now owns 164,066 shares of the company’s stock valued at $13,176,000 after buying an additional 1,618 shares in the last quarter. Institutional investors 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.