Barclays Lowers Otis Worldwide (NYSE:OTIS) Price Target to $80.00

Otis Worldwide (NYSE:OTIS) had its price objective decreased by equities research analysts at Barclays from $90.00 to $80.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an “underweight” rating on the stock. Barclays‘s price objective would suggest a potential upside of 3.16% from the stock’s current price.

Several other research analysts have also recently weighed in on OTIS. Wolfe Research restated an “outperform” rating on shares of Otis Worldwide in a research report on Monday, March 16th. Wells Fargo & Company dropped their target price on shares of Otis Worldwide from $92.00 to $80.00 and set an “equal weight” rating for the company in a research report on Wednesday. JPMorgan Chase & Co. lowered shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target on the stock. in a report on Friday, January 30th. New Street Research set a $98.00 price objective on shares of Otis Worldwide in a report on Friday, January 30th. Finally, BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price for the company in a research report on Tuesday, December 9th. Three equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $98.78.

Otis Worldwide Stock Up 0.6%

Shares of OTIS stock traded up $0.47 on Wednesday, reaching $77.55. The company’s stock had a trading volume of 1,322,857 shares, compared to its average volume of 3,880,979. The company has a market capitalization of $30.14 billion, a P/E ratio of 22.16, a PEG ratio of 2.31 and a beta of 1.00. Otis Worldwide has a 12-month low of $75.27 and a 12-month high of $105.95. The stock’s 50 day simple moving average is $87.02 and its 200-day simple moving average is $88.60.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, hitting the consensus estimate of $1.03. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.The business had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same period in the previous year, the business earned $0.93 earnings per share. The firm’s revenue was up 3.3% on a year-over-year basis. Research analysts expect that Otis Worldwide will post 4.04 EPS for the current year.

Insider Buying and Selling at Otis Worldwide

In related news, CAO Michael Patrick Ryan sold 1,182 shares of Otis Worldwide stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $90.06, for a total value of $106,450.92. Following the transaction, the chief accounting officer owned 3,504 shares in the company, valued at $315,570.24. This trade represents a 25.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Neil Green sold 6,000 shares of the business’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $86.45, for a total transaction of $518,700.00. Following the completion of the sale, the executive vice president directly owned 3,773 shares of the company’s stock, valued at $326,175.85. This represents a 61.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 158,013 shares of company stock valued at $14,337,635. Insiders own 0.23% of the company’s stock.

Institutional Investors Weigh In On Otis Worldwide

A number of hedge funds and other institutional investors have recently modified their holdings of OTIS. Allied Investment Advisors LLC increased its holdings in Otis Worldwide by 6.0% during the third quarter. Allied Investment Advisors LLC now owns 118,761 shares of the company’s stock valued at $10,858,000 after buying an additional 6,770 shares during the last quarter. CIBC Private Wealth Group LLC grew its position in shares of Otis Worldwide by 54.0% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 2,890,482 shares of the company’s stock valued at $264,277,000 after acquiring an additional 1,013,876 shares during the period. Pinnacle Financial Partners Inc. grew its position in shares of Otis Worldwide by 19.6% during the 3rd quarter. Pinnacle Financial Partners Inc. now owns 77,492 shares of the company’s stock valued at $7,085,000 after acquiring an additional 12,721 shares during the period. SG Americas Securities LLC increased its stake in shares of Otis Worldwide by 12,345.2% in the 4th quarter. SG Americas Securities LLC now owns 499,177 shares of the company’s stock worth $43,603,000 after purchasing an additional 495,166 shares in the last quarter. Finally, Natixis increased its stake in shares of Otis Worldwide by 226.4% in the 2nd quarter. Natixis now owns 84,026 shares of the company’s stock worth $8,320,000 after purchasing an additional 58,286 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Company Profile

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.