Wells Fargo & Company Issues Pessimistic Forecast for Otis Worldwide (NYSE:OTIS) Stock Price

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

OTIS has been the topic of several other research reports. UBS Group initiated coverage on Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price on the stock. Barclays downgraded shares of Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 price objective on the stock. in a research report on Thursday, December 5th. Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Finally, Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a report on Thursday, December 12th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $103.50.

Otis Worldwide Price Performance

OTIS stock opened at $91.74 on Tuesday. The firm has a market capitalization of $36.65 billion, a P/E ratio of 22.88 and a beta of 1.06. Otis Worldwide has a 52-week low of $85.42 and a 52-week high of $106.33. The company’s 50 day simple moving average is $97.87 and its 200-day simple moving average is $97.47.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.01). The firm had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. Otis Worldwide’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period last year, the firm earned $0.95 earnings per share. Sell-side analysts predict that Otis Worldwide will post 3.86 EPS for the current fiscal year.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the transaction, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.23% of the stock is owned by company insiders.

Institutional Trading of Otis Worldwide

Several large investors have recently made changes to their positions in OTIS. TD Asset Management Inc boosted its position in Otis Worldwide by 3.3% during the second quarter. TD Asset Management Inc now owns 167,156 shares of the company’s stock worth $16,090,000 after purchasing an additional 5,327 shares during the period. Savant Capital LLC grew its stake in Otis Worldwide by 1.7% in the 2nd quarter. Savant Capital LLC now owns 18,713 shares of the company’s stock valued at $1,801,000 after buying an additional 313 shares during the last quarter. Acadian Asset Management LLC raised its holdings in Otis Worldwide by 96.2% in the 2nd quarter. Acadian Asset Management LLC now owns 13,335 shares of the company’s stock worth $1,282,000 after acquiring an additional 6,537 shares during the period. Caprock Group LLC raised its holdings in Otis Worldwide by 100.8% in the 2nd quarter. Caprock Group LLC now owns 5,779 shares of the company’s stock worth $556,000 after acquiring an additional 2,901 shares during the period. Finally, Ballentine Partners LLC lifted its position in Otis Worldwide by 6.8% during the 2nd quarter. Ballentine Partners LLC now owns 6,757 shares of the company’s stock worth $650,000 after acquiring an additional 431 shares during 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.