Wells Fargo & Company Issues Pessimistic Forecast for Otis Worldwide (NYSE:OTIS) Stock Price

Otis Worldwide (NYSE:OTIS - Free Report) had its target price lowered by Wells Fargo & Company from $105.00 to $100.00 in a report issued on Tuesday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

Several other equities analysts also recently commented on OTIS. Barclays downgraded shares of Otis Worldwide from an "equal weight" rating to an "underweight" rating and set a $94.00 price target on the stock. in a research note on Thursday, December 5th. Royal Bank of Canada restated an "outperform" rating and set a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. UBS Group assumed coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 price target for the company. Finally, Wolfe Research downgraded Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price target on the stock. in a research report on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $103.88.

Otis Worldwide Price Performance

NYSE OTIS traded down $0.14 during trading on Tuesday, reaching $92.15. 2,160,271 shares of the company's stock were exchanged, compared to its average volume of 1,690,243. The business has a 50 day moving average price of $98.19 and a 200-day moving average price of $97.53. The stock has a market capitalization of $36.81 billion, a P/E ratio of 22.98 and a beta of 1.06. Otis Worldwide has a fifty-two week low of $85.42 and a fifty-two week high of $106.33.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing analysts' consensus estimates of $0.97 by ($0.01). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The business had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same period in the previous year, the firm posted $0.95 earnings per share. The firm's revenue was up .7% compared to the same quarter last year. On average, analysts forecast that Otis Worldwide will post 3.86 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were paid a $0.39 dividend. The ex-dividend date was Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.69%. Otis Worldwide's payout ratio is currently 38.90%.

Insider Buying and Selling

In related news, EVP Abbe Luersman sold 9,000 shares of the business's stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the sale, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. The trade was a 47.39 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.23% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Otis Worldwide

Hedge funds have recently added to or reduced their stakes in the business. Riverview Trust Co acquired a new stake in shares of Otis Worldwide in the third quarter valued at about $25,000. Meeder Asset Management Inc. increased its position in shares of Otis Worldwide by 264.9% during the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company's stock worth $26,000 after buying an additional 196 shares during the period. Northwest Investment Counselors LLC bought a new position in Otis Worldwide during the third quarter worth $28,000. Ashton Thomas Securities LLC acquired a new position in Otis Worldwide in the third quarter valued at $29,000. Finally, Cranbrook Wealth Management LLC boosted its position in Otis Worldwide by 675.7% during the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company's stock valued at $28,000 after acquiring an additional 250 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

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.