Otis Worldwide (NYSE:OTIS) Cut to Peer Perform at Wolfe Research

Otis Worldwide (NYSE:OTIS) was downgraded by research analysts at Wolfe Research from an “outperform” rating to a “peer perform” rating in a research report issued on Wednesday,Finviz reports.

A number of other research firms also recently issued reports on OTIS. New Street Research set a $98.00 price objective on shares of Otis Worldwide in a report on Friday, January 30th. Wall Street Zen downgraded shares of Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Wells Fargo & Company cut their price objective on shares of Otis Worldwide from $92.00 to $80.00 and set an “equal weight” rating for the company in a report on Wednesday, April 1st. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a research report on Friday, March 27th. Finally, BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price for the company in a research report on Tuesday, December 9th. Two equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and a consensus target price of $98.78.

Otis Worldwide Stock Down 0.5%

NYSE OTIS opened at $77.75 on Wednesday. The company has a market capitalization of $30.22 billion, a P/E ratio of 22.22, a P/E/G ratio of 2.34 and a beta of 1.05. Otis Worldwide has a 12-month low of $75.27 and a 12-month high of $101.42. The firm has a 50-day moving average price of $85.77 and a two-hundred day moving average price of $88.19.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.03. The firm had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.88 billion. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The business’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.93 EPS. Equities analysts expect that Otis Worldwide will post 4.04 EPS for the current year.

Insider Activity

In related news, CAO Michael Patrick Ryan sold 1,182 shares of the company’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $90.06, for a total transaction of $106,450.92. Following the completion of the transaction, the chief accounting officer directly owned 3,504 shares in the company, valued at $315,570.24. This represents a 25.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Neil Green sold 6,000 shares of the company’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $86.45, for a total transaction of $518,700.00. Following the transaction, the executive vice president owned 3,773 shares of the company’s stock, valued at approximately $326,175.85. This represents a 61.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 158,013 shares of company stock valued at $14,337,635 over the last quarter. 0.23% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Otis Worldwide

Institutional investors have recently added to or reduced their stakes in the stock. Root Financial Partners LLC acquired a new position in Otis Worldwide during the 3rd quarter worth approximately $26,000. Stance Capital LLC acquired a new position in Otis Worldwide during the 3rd quarter worth approximately $27,000. Camelot Portfolios LLC acquired a new position in Otis Worldwide during the 4th quarter worth approximately $26,000. Garton & Associates Financial Advisors LLC bought a new stake in Otis Worldwide during the 4th quarter worth approximately $27,000. Finally, Rakuten Investment Management Inc. bought a new stake in Otis Worldwide during the 3rd quarter worth approximately $31,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

About Otis Worldwide

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.