Barclays Has Lowered Expectations for Otis Worldwide (NYSE:OTIS) Stock Price

Otis Worldwide (NYSE:OTIS) had its price objective decreased by analysts at Barclays from $94.00 to $91.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “underweight” rating on the stock. Barclays‘s price objective suggests a potential downside of 0.81% from the company’s current price.

OTIS has been the topic of several other research reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Wells Fargo & Company dropped their price target on Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a report on Tuesday. UBS Group started coverage on Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective for the company. Finally, Wolfe Research lowered 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 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.com, Otis Worldwide presently has a consensus rating of “Hold” and an average target price of $103.50.

Otis Worldwide Stock Performance

Shares of OTIS opened at $91.74 on Wednesday. The firm has a market capitalization of $36.65 billion, a price-to-earnings ratio of 22.88 and a beta of 1.06. The stock’s fifty day moving average is $97.74 and its 200-day moving average is $97.43. Otis Worldwide has a one year low of $85.42 and a one year high of $106.33.

Otis Worldwide (NYSE:OTIS) last released 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 company had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm’s quarterly revenue was up .7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.95 earnings per share. Analysts forecast that Otis Worldwide will post 3.86 EPS for the current fiscal year.

Insider Activity

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

Institutional Trading of Otis Worldwide

Several institutional investors have recently made changes to their positions in OTIS. Riverview Trust Co bought a new position in Otis Worldwide during the third quarter worth about $25,000. Meeder Asset Management Inc. lifted its position in shares of Otis Worldwide by 264.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after buying an additional 196 shares during the period. Northwest Investment Counselors LLC acquired a new stake in Otis Worldwide in the 3rd quarter valued at $28,000. Ashton Thomas Securities LLC bought a new stake in Otis Worldwide in the third quarter valued at $29,000. Finally, Cranbrook Wealth Management LLC raised its stake in Otis Worldwide by 675.7% during the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after acquiring an additional 250 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

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.