Wells Fargo & Company Lowers Otis Worldwide (NYSE:OTIS) Price Target to $95.00

Otis Worldwide (NYSE:OTIS) had its target price lowered by research analysts at Wells Fargo & Company from $100.00 to $95.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target suggests a potential downside of 0.45% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. cut their price objective on shares of Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating on the stock in a report on Wednesday, January 15th. UBS Group assumed coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price on the stock. Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a report on Thursday, December 12th. Finally, Barclays cut their target price on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $102.88.

Otis Worldwide Trading Up 0.1 %

OTIS stock opened at $95.43 on Thursday. Otis Worldwide has a twelve month low of $87.57 and a twelve month high of $106.33. The company’s 50 day moving average is $95.91 and its two-hundred day moving average is $97.15. The stock has a market cap of $38.12 billion, a P/E ratio of 23.50 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.57% and a net margin of 11.53%. On average, equities research analysts predict that Otis Worldwide will post 4.02 earnings per share for the current year.

Otis Worldwide declared that its board has authorized a share repurchase plan on Thursday, January 16th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at Otis Worldwide

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 transaction of $909,180.00. Following the sale, the executive vice president now directly owns 9,992 shares in the company, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.23% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Otis Worldwide

Several institutional investors have recently made changes to their positions in OTIS. Riverview Trust Co purchased a new stake in shares of Otis Worldwide during the 3rd quarter worth $25,000. Northwest Investment Counselors LLC purchased a new stake in shares of Otis Worldwide during the 3rd quarter worth $28,000. Ashton Thomas Securities LLC purchased a new stake in shares of Otis Worldwide during the 3rd quarter worth $29,000. Fortitude Family Office LLC boosted its position in shares of Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after purchasing an additional 267 shares in the last quarter. Finally, Capital Performance Advisors LLP acquired a new position in shares of Otis Worldwide during the 3rd quarter worth $34,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

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.