Otis Worldwide (NYSE:OTIS) Price Target Lowered to $80.00 at Wells Fargo & Company

Otis Worldwide (NYSE:OTIS) had its price target dropped by analysts at Wells Fargo & Company from $92.00 to $80.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 3.17% from the company’s current price.

Several other equities research analysts have also commented on the stock. BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target on the stock in a research note on Tuesday, December 9th. Wall Street Zen lowered Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a research report on Friday. Wolfe Research reissued an “outperform” rating on shares of Otis Worldwide in a report on Monday, March 16th. Finally, JPMorgan Chase & Co. cut Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 target price for the company. in a research report on Friday, January 30th. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $100.11.

Otis Worldwide Trading Up 0.6%

OTIS stock traded up $0.47 during trading on Wednesday, hitting $77.55. 856,846 shares of the company’s stock were exchanged, compared to its average volume of 3,873,832. The business has a 50-day moving average price of $87.02 and a two-hundred day moving average price of $88.60. The stock has a market capitalization of $30.14 billion, a price-to-earnings ratio of 22.16, a PEG ratio of 2.31 and a beta of 1.00. Otis Worldwide has a 52-week low of $75.27 and a 52-week high of $105.95.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, meeting the consensus estimate of $1.03. The company had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.88 billion. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The firm’s revenue was up 3.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.93 earnings per share. On average, equities research analysts anticipate that Otis Worldwide will post 4.04 earnings per share for the current fiscal year.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 56,107 shares of Otis Worldwide stock in a transaction on Thursday, February 5th. The shares were sold at an average price of $90.89, for a total value of $5,099,565.23. Following the transaction, the chief executive officer directly owned 231,072 shares in the company, valued at approximately $21,002,134.08. The trade was a 19.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Michael Patrick Ryan sold 1,182 shares of the company’s stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $90.06, for a total transaction of $106,450.92. Following the completion of the sale, the chief accounting officer directly owned 3,504 shares of the company’s stock, valued at $315,570.24. The trade was a 25.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 158,013 shares of company stock valued at $14,337,635. Company insiders own 0.23% of the company’s stock.

Institutional Trading of Otis Worldwide

Several institutional investors and hedge funds have recently added to or reduced their stakes in OTIS. Root Financial Partners LLC purchased a new stake in shares of Otis Worldwide during the third quarter worth approximately $26,000. Camelot Portfolios LLC purchased a new position in Otis Worldwide in the 4th quarter valued at $26,000. Stance Capital LLC purchased a new position in Otis Worldwide in the 3rd quarter valued at $27,000. Garton & Associates Financial Advisors LLC acquired a new position in Otis Worldwide in the 4th quarter valued at $27,000. Finally, Rakuten Investment Management Inc. purchased a new position in Otis Worldwide during the 3rd quarter worth $31,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

About Otis Worldwide

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.