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

Otis Worldwide (NYSE:OTIS) had its price target cut by Wells Fargo & Company from $105.00 to $100.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 7.83% from the stock’s current price.

OTIS has been the subject of a number of other research reports. Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a report on Thursday, December 12th. Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. Barclays downgraded Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 price objective for the company. in a report on Thursday, December 5th. Finally, UBS Group initiated coverage on Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target on the stock. 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 data from MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and an average target price of $103.88.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock traded up $0.45 during midday trading on Tuesday, hitting $92.74. 238,847 shares of the company traded hands, compared to its average volume of 1,191,019. The firm’s fifty day moving average price is $98.19 and its 200-day moving average price is $97.53. The stock has a market cap of $37.05 billion, a price-to-earnings ratio of 23.13 and a beta of 1.06. Otis Worldwide has a 12 month low of $85.42 and a 12 month high of $106.33.

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

Insider Buying and Selling

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was 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 in the company, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.23% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. TD Asset Management Inc boosted its position in shares of Otis Worldwide by 3.3% during the 2nd 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 in the last quarter. Savant Capital LLC increased its stake in Otis Worldwide by 1.7% during the 2nd quarter. Savant Capital LLC now owns 18,713 shares of the company’s stock valued at $1,801,000 after purchasing an additional 313 shares in the last quarter. Acadian Asset Management LLC raised its holdings in Otis Worldwide by 96.2% during the second quarter. Acadian Asset Management LLC now owns 13,335 shares of the company’s stock worth $1,282,000 after buying an additional 6,537 shares during the last quarter. Caprock Group LLC lifted its stake in shares of Otis Worldwide by 100.8% in the second quarter. Caprock Group LLC now owns 5,779 shares of the company’s stock valued at $556,000 after buying an additional 2,901 shares in the last quarter. Finally, Ballentine Partners LLC grew its holdings in shares of Otis Worldwide by 6.8% during the second quarter. Ballentine Partners LLC now owns 6,757 shares of the company’s stock valued at $650,000 after buying an additional 431 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

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.