Otis Worldwide (NYSE:OTIS) Stock Price Expected to Rise, Barclays Analyst Says

Otis Worldwide (NYSE:OTIS) had its price target boosted by investment analysts at Barclays from $91.00 to $92.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an “underweight” rating on the stock. Barclays‘s price objective would suggest a potential downside of 10.73% from the stock’s current price.

OTIS has been the topic of a number of other reports. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a research note on Thursday, December 12th. Wells Fargo & Company decreased their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 30th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Otis Worldwide presently has an average rating of “Hold” and an average target price of $103.00.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $103.06 on Wednesday. The company has a market cap of $40.87 billion, a P/E ratio of 25.38 and a beta of 1.05. The stock has a 50 day simple moving average of $98.54 and a two-hundred day simple moving average of $98.56. Otis Worldwide has a fifty-two week low of $90.12 and a fifty-two week high of $106.83.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. On average, research analysts predict that Otis Worldwide will post 4.04 earnings per share for the current year.

Otis Worldwide declared that its board has approved a share buyback program on Thursday, January 16th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of the firm’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the transaction, the insider now owns 63,931 shares of the company’s stock, valued at approximately $6,731,934.30. This trade represents a 9.43 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Judith Fran Marks sold 38,012 shares of the company’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $3,588,712.92. Following the sale, the chief executive officer now owns 245,883 shares of the company’s stock, valued at $23,213,814.03. This trade represents a 13.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 112,281 shares of company stock worth $10,747,553. Insiders own 0.23% of the company’s stock.

Hedge Funds Weigh In On Otis Worldwide

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Transce3nd LLC acquired a new stake in Otis Worldwide during the 4th quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Otis Worldwide during the fourth quarter worth approximately $28,000. Fortitude Family Office LLC grew its position in shares of Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after purchasing an additional 267 shares in the last quarter. Truvestments Capital LLC acquired a new position in shares of Otis Worldwide during the 3rd quarter valued at about $36,000. Finally, Centricity Wealth Management LLC purchased a new stake in shares of Otis Worldwide in the 4th quarter valued at approximately $33,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

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.