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

Otis Worldwide (NYSE:OTIS) had its price target reduced by investment analysts at Wells Fargo & Company from $105.00 to $100.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential upside of 7.83% from the company’s current price.

Other equities analysts have also issued research reports about the stock. UBS Group assumed coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price for the company. Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a research note on Thursday, December 12th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. Finally, Barclays lowered 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 report on Thursday, December 5th. Two 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 stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $103.88.

Otis Worldwide Stock Up 0.5 %

OTIS stock traded up $0.45 during midday trading on Tuesday, hitting $92.74. The company’s stock had a trading volume of 238,847 shares, compared to its average volume of 1,191,019. Otis Worldwide has a 1 year low of $85.42 and a 1 year high of $106.33. The stock has a market cap of $37.05 billion, a price-to-earnings ratio of 23.13 and a beta of 1.06. The stock’s 50-day moving average price is $98.19 and its 200 day moving average price is $97.53.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing the consensus estimate 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 firm had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter in the previous year, the company posted $0.95 EPS. Otis Worldwide’s revenue for the quarter was up .7% on a year-over-year basis. As a group, equities analysts forecast that Otis Worldwide will post 3.86 earnings per share for the current fiscal year.

Insider Activity at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of the firm’s stock in a transaction 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 completion of the transaction, the executive vice president now directly owns 9,992 shares in the company, valued at $1,009,391.84. This trade represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.23% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Otis Worldwide

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