Otis Worldwide (NYSE:OTIS) Price Target Lowered to $100.00 at Wells Fargo & Company

Otis Worldwide (NYSE:OTIS) had its price target lowered by investment analysts at Wells Fargo & Company from $105.00 to $100.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target suggests a potential upside of 9.00% from the stock’s previous close.

Several other brokerages have also weighed in on OTIS. Royal Bank of Canada reissued an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. Barclays downgraded shares of Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 price target on the stock. in a research note on Thursday, December 5th. UBS Group began coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective for the company. Finally, Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research report on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $103.50.

Otis Worldwide Price Performance

NYSE:OTIS opened at $91.74 on Tuesday. Otis Worldwide has a one year low of $85.42 and a one year high of $106.33. The company has a fifty day moving average price of $97.87 and a 200 day moving average price of $97.47. The stock has a market cap of $36.65 billion, a P/E ratio of 22.88 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The company had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same period in the prior year, the company posted $0.95 EPS. The firm’s quarterly revenue was up .7% on a year-over-year basis. As a group, equities research analysts anticipate that Otis Worldwide will post 3.86 EPS for the current year.

Insider Buying and Selling at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the 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 completion of the transaction, the executive vice president now directly owns 9,992 shares in the company, valued at approximately $1,009,391.84. This trade represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.23% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. lifted its position in shares of Otis Worldwide by 41.0% in the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after buying an additional 8,161,946 shares during the last quarter. Geode Capital Management LLC grew its stake in Otis Worldwide by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 11,031,700 shares of the company’s stock valued at $1,146,045,000 after buying an additional 152,072 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Otis Worldwide by 12.4% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock valued at $793,945,000 after acquiring an additional 907,972 shares during the period. Franklin Resources Inc. lifted its position in Otis Worldwide by 58.3% during the third quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock worth $774,863,000 after acquiring an additional 2,706,871 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in shares of Otis Worldwide by 11.9% during the third quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company’s stock worth $382,546,000 after acquiring an additional 391,206 shares during the period. 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.