Otis Worldwide (NYSE:OTIS) Downgraded by Wolfe Research to Peer Perform

Otis Worldwide (NYSE:OTIS - Get Free Report) was downgraded by analysts at Wolfe Research from an "outperform" rating to a "peer perform" rating in a note issued to investors on Tuesday, Marketbeat reports.

OTIS has been the topic of a number of other reports. Wells Fargo & Company boosted their target price on shares of Otis Worldwide from $95.00 to $108.00 and gave the stock an "equal weight" rating in a report on Monday. Barclays boosted their price objective on Otis Worldwide from $90.00 to $96.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 2nd. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Finally, Morgan Stanley began coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They set an "equal weight" rating and a $97.00 price objective on the stock. Eight analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Otis Worldwide presently has an average rating of "Hold" and a consensus price target of $102.71.

Otis Worldwide Stock Down 2.8 %

OTIS stock traded down $2.88 during midday trading on Tuesday, hitting $101.14. The company's stock had a trading volume of 2,269,135 shares, compared to its average volume of 2,122,928. The firm has a market capitalization of $40.51 billion, a price-to-earnings ratio of 29.18 and a beta of 1.03. Otis Worldwide has a 12 month low of $73.32 and a 12 month high of $105.39. The company has a 50 day moving average of $95.52 and a two-hundred day moving average of $96.28.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.03. The company had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.74 billion. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. Otis Worldwide's quarterly revenue was down 3.2% on a year-over-year basis. During the same period last year, the company posted $0.92 earnings per share. On average, analysts anticipate that Otis Worldwide will post 3.88 earnings per share for the current fiscal year.

Institutional Trading of Otis Worldwide

Institutional investors have recently made changes to their positions in the business. City Holding Co. grew its position in Otis Worldwide by 21.3% during the 3rd quarter. City Holding Co. now owns 4,644 shares of the company's stock worth $483,000 after purchasing an additional 817 shares during the last quarter. Artemis Investment Management LLP purchased a new stake in Otis Worldwide during the 3rd quarter valued at about $4,737,000. Trium Capital LLP increased its holdings in shares of Otis Worldwide by 7.2% in the third quarter. Trium Capital LLP now owns 73,370 shares of the company's stock valued at $7,626,000 after purchasing an additional 4,913 shares during the period. Bath Savings Trust Co purchased a new position in shares of Otis Worldwide in the third quarter worth about $201,000. Finally, Threadgill Financial LLC acquired a new stake in shares of Otis Worldwide during the third quarter worth about $3,331,000. Institutional investors and hedge funds own 88.03% of the company's stock.

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.