Otis Worldwide (NYSE:OTIS) Shares Gap Down – Time to Sell?

Shares of Otis Worldwide Co. (NYSE:OTIS) gapped down prior to trading on Wednesday . The stock had previously closed at $101.37, but opened at $97.16. Otis Worldwide shares last traded at $98.18, with a volume of 278,610 shares changing hands.

Analysts Set New Price Targets

Several analysts recently commented on the company. Barclays upped their target price on Otis Worldwide from $90.00 to $96.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Morgan Stanley assumed coverage on Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target on the stock. Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Finally, Wells Fargo & Company increased their target price on Otis Worldwide from $95.00 to $108.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and an average target price of $102.71.

Otis Worldwide Trading Down 2.4 %

The firm has a market capitalization of $39.64 billion, a PE ratio of 29.30 and a beta of 1.03. The business has a 50-day moving average of $98.83 and a 200 day moving average of $96.85.

Institutional Investors Weigh In On Otis Worldwide

Institutional investors and hedge funds have recently bought and sold shares of the stock. Nordea Investment Management AB increased its position in shares of Otis Worldwide by 19.6% during the 1st quarter. Nordea Investment Management AB now owns 463,190 shares of the company’s stock valued at $46,138,000 after purchasing an additional 75,878 shares during the last quarter. First Eagle Investment Management LLC grew its holdings in shares of Otis Worldwide by 173.7% during the first quarter. First Eagle Investment Management LLC now owns 20,048 shares of the company’s stock worth $1,990,000 after purchasing an additional 12,722 shares in the last quarter. Appian Way Asset Management LP purchased a new position in shares of Otis Worldwide during the second quarter worth about $991,000. Cetera Investment Advisers boosted its stake in Otis Worldwide by 259.1% in the first quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock worth $4,603,000 after buying an additional 33,457 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Otis Worldwide by 0.9% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,009,178 shares of the company’s stock worth $100,181,000 after buying an additional 9,145 shares in the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

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.