Otis Worldwide (NYSE:OTIS) Given New $105.00 Price Target at Royal Bank of Canada

Otis Worldwide (NYSE:OTIS) had its target price decreased by analysts at Royal Bank of Canada from $109.00 to $105.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price points to a potential upside of 12.74% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the company. Wells Fargo & Company reduced their target price on Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday. JPMorgan Chase & Co. reduced their price target on shares of Otis Worldwide from $105.00 to $88.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 8th. Finally, Barclays lowered their target price on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and a consensus target price of $100.00.

Otis Worldwide Price Performance

Shares of OTIS traded up $0.20 on Monday, hitting $93.13. The company’s stock had a trading volume of 1,090,744 shares, compared to its average volume of 2,218,039. The company has a 50 day moving average price of $99.06 and a 200 day moving average price of $98.24. Otis Worldwide has a fifty-two week low of $89.70 and a fifty-two week high of $106.83. The company has a market capitalization of $36.93 billion, a PE ratio of 22.95 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.91 by $0.01. The company had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. Otis Worldwide’s quarterly revenue was down 2.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.88 earnings per share. On average, equities analysts forecast that Otis Worldwide will post 4.04 EPS for the current year.

Otis Worldwide declared that its board has approved a stock repurchase plan on Thursday, January 16th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 5.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, EVP Nora E. Lafreniere sold 4,775 shares of the stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $450,807.75. Following the transaction, the executive vice president now owns 24,927 shares in the company, valued at $2,353,358.07. This trade represents a 16.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Judith Fran Marks sold 38,012 shares of the business’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the completion of the sale, the chief executive officer now directly owns 245,883 shares of the company’s stock, valued at approximately $23,213,814.03. The trade was a 13.39 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 112,281 shares of company stock worth $10,747,553. Company insiders own 0.23% of the company’s stock.

Institutional Investors Weigh In On Otis Worldwide

Several institutional investors have recently made changes to their positions in OTIS. Transce3nd LLC acquired a new stake in shares of Otis Worldwide during the 4th quarter worth $25,000. NBC Securities Inc. bought a new position in shares of Otis Worldwide in the first quarter worth about $25,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Otis Worldwide in the 4th quarter valued at approximately $28,000. Fortitude Family Office LLC grew its holdings 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 purchasing an additional 267 shares during the last quarter. Finally, Centricity Wealth Management LLC acquired a new position in Otis Worldwide during the 4th quarter worth approximately $33,000. 88.03% of the stock is currently owned by 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.