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

Otis Worldwide (NYSE:OTIS - Get Free Report) had its price target decreased by investment analysts at Barclays from $92.00 to $90.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an "underweight" rating on the stock. Barclays's price objective indicates a potential downside of 5.26% from the stock's previous close.

Several other equities research analysts also recently issued reports on the company. Wells Fargo & Company lowered their price target on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating for the company in a report on Thursday, April 24th. JPMorgan Chase & Co. cut their price target on shares of Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 8th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $100.00.

Otis Worldwide Stock Up 1.4 %

Shares of Otis Worldwide stock traded up $1.35 during trading on Friday, reaching $95.00. 2,802,269 shares of the company were exchanged, compared to its average volume of 2,233,075. The business has a 50-day moving average price of $98.97 and a 200-day moving average price of $98.17. The firm has a market capitalization of $37.58 billion, a price-to-earnings ratio of 23.40 and a beta of 1.00. Otis Worldwide has a twelve month low of $89.70 and a twelve month high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, beating analysts' consensus estimates of $0.91 by $0.01. The business had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.41 billion. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. Otis Worldwide's revenue for the quarter was down 2.5% on a year-over-year basis. During the same period last year, the company posted $0.88 EPS. On average, equities research analysts forecast that Otis Worldwide will post 4.04 EPS for the current fiscal year.

Otis Worldwide declared that its board has approved a stock 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 buy up to 5.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its shares are undervalued.

Insider Transactions at Otis Worldwide

In related news, CEO Judith Fran Marks sold 38,012 shares of the company's stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the completion of the sale, the chief executive officer now owns 245,883 shares of the company's stock, valued at $23,213,814.03. This represents a 13.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Nora E. Lafreniere sold 4,775 shares of the business's stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $450,807.75. Following the completion of the transaction, the executive vice president now owns 24,927 shares of the company's stock, valued at $2,353,358.07. The trade was a 16.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 112,281 shares of company stock worth $10,747,553. Company insiders own 0.23% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Transce3nd LLC bought a new position in shares of Otis Worldwide in the fourth quarter worth about $25,000. NBC Securities Inc. acquired a new stake in shares of Otis Worldwide in the first quarter valued at about $25,000. Aster Capital Management DIFC Ltd bought a new position in Otis Worldwide during the 4th quarter worth approximately $28,000. Fortitude Family Office LLC increased its position in shares of Otis Worldwide by 485.5% during the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock worth $30,000 after buying an additional 267 shares during the period. Finally, Wayfinding Financial LLC acquired a new stake in Otis Worldwide during the 1st quarter worth about $31,000. 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.