Otis Worldwide Corporation (NYSE:OTIS) Receives $104.63 Average PT from Brokerages

Shares of Otis Worldwide Corporation (NYSE:OTIS) have been assigned an average recommendation of “Hold” from the ten brokerages that are currently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $104.6250.

OTIS has been the topic of a number of recent analyst reports. Barclays dropped their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a research report on Thursday, July 24th. Wells Fargo & Company lifted their price objective on shares of Otis Worldwide from $93.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Monday, October 6th. Zacks Research raised shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 14th. Wolfe Research set a $109.00 price objective on shares of Otis Worldwide and gave the stock an “outperform” rating in a research report on Wednesday, October 8th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Otis Worldwide in a research report on Monday, July 14th. They issued a “hold” rating and a $109.00 price objective on the stock.

Otis Worldwide Price Performance

OTIS opened at $91.91 on Wednesday. The company’s 50-day moving average is $89.37 and its 200 day moving average is $93.17. Otis Worldwide has a fifty-two week low of $84.25 and a fifty-two week high of $106.83. The firm has a market capitalization of $36.07 billion, a P/E ratio of 24.31, a PEG ratio of 3.61 and a beta of 1.00.

Institutional Trading of Otis Worldwide

Hedge funds have recently added to or reduced their stakes in the stock. Berkshire Money Management Inc. increased its stake in shares of Otis Worldwide by 5.0% in the second quarter. Berkshire Money Management Inc. now owns 2,100 shares of the company’s stock worth $208,000 after purchasing an additional 100 shares in the last quarter. Park Avenue Securities LLC increased its stake in shares of Otis Worldwide by 0.8% in the second quarter. Park Avenue Securities LLC now owns 13,876 shares of the company’s stock worth $1,374,000 after purchasing an additional 104 shares in the last quarter. OLD National Bancorp IN increased its stake in shares of Otis Worldwide by 5.5% in the third quarter. OLD National Bancorp IN now owns 2,245 shares of the company’s stock worth $205,000 after purchasing an additional 118 shares in the last quarter. PFG Investments LLC increased its stake in shares of Otis Worldwide by 3.7% in the second quarter. PFG Investments LLC now owns 3,428 shares of the company’s stock worth $339,000 after purchasing an additional 121 shares in the last quarter. Finally, PKS Advisory Services LLC increased its stake in shares of Otis Worldwide by 4.9% in the second quarter. PKS Advisory Services LLC now owns 2,575 shares of the company’s stock worth $255,000 after purchasing an additional 121 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

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.