Otis Worldwide (NYSE:OTIS) Shares Gap Down - Here's Why

Otis Worldwide Co. (NYSE:OTIS - Get Free Report)'s share price gapped down prior to trading on Wednesday . The stock had previously closed at $101.37, but opened at $97.16. Otis Worldwide shares last traded at $98.18, with a volume of 278,610 shares.

Analyst Ratings Changes

A number of analysts have weighed in on OTIS shares. Wolfe Research downgraded shares of Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research report on Tuesday, October 8th. 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 for the company. Barclays upped their price target on shares of Otis Worldwide from $90.00 to $96.00 and gave the company an "equal weight" rating in a research report on Wednesday, October 2nd. Royal Bank of Canada reissued an "outperform" rating and issued a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. Finally, Wells Fargo & Company upped their target price on Otis Worldwide from $95.00 to $108.00 and gave the company an "equal weight" rating in a research report on Monday, October 7th. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat, Otis Worldwide presently has an average rating of "Hold" and an average target price of $102.71.

Otis Worldwide Trading Down 3.1 %

The stock has a market capitalization of $39.35 billion, a PE ratio of 28.40 and a beta of 1.03. The stock's fifty day simple moving average is $98.92 and its 200-day simple moving average is $96.86.

Hedge Funds Weigh In On Otis Worldwide

Institutional investors have recently modified their holdings of the business. PineStone Asset Management Inc. increased its position in shares of Otis Worldwide by 138.3% during the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company's stock valued at $429,717,000 after purchasing an additional 2,590,780 shares during the last quarter. Van ECK Associates Corp boosted its stake in Otis Worldwide by 3,673.6% in the third quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company's stock valued at $232,662,000 after acquiring an additional 2,201,988 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of Otis Worldwide by 12.4% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company's stock valued at $793,945,000 after acquiring an additional 907,972 shares during the period. Sarasin & Partners LLP increased its stake in shares of Otis Worldwide by 27.2% during the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company's stock worth $398,061,000 after purchasing an additional 883,659 shares during the last quarter. Finally, Brown Brothers Harriman & Co. raised its holdings in shares of Otis Worldwide by 2,782.3% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company's stock worth $78,469,000 after purchasing an additional 786,897 shares during the period. 88.03% of the stock is owned by institutional investors.

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.