Otis Worldwide (NYSE:OTIS) Price Target Cut to $91.00 by Analysts at Barclays

Otis Worldwide (NYSE:OTIS - Get Free Report) had its target price decreased by equities researchers at Barclays from $94.00 to $91.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an "underweight" rating on the stock. Barclays's target price would indicate a potential downside of 0.81% from the stock's previous close.

Several other research analysts also recently commented on OTIS. UBS Group began coverage on Otis Worldwide in a research note on Wednesday, November 13th. They set a "neutral" rating and a $113.00 target price for the company. Wolfe Research downgraded Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price objective for the company. in a report on Thursday, December 12th. Wells Fargo & Company lowered their target price on Otis Worldwide from $105.00 to $100.00 and set an "equal weight" rating for the company in a research report on Tuesday. Finally, Royal Bank of Canada reiterated an "outperform" rating and issued a $110.00 price target on shares of Otis Worldwide in a research report on Thursday, September 19th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $103.50.

Otis Worldwide Trading Down 0.4 %

Shares of NYSE:OTIS traded down $0.38 on Wednesday, reaching $91.74. 2,814,116 shares of the company's stock were exchanged, compared to its average volume of 1,915,003. Otis Worldwide has a twelve month low of $85.42 and a twelve month high of $106.33. The company has a fifty day moving average of $97.87 and a 200-day moving average of $97.47. The company has a market capitalization of $36.65 billion, a price-to-earnings ratio of 22.88 and a beta of 1.06.

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

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the firm's stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the sale, the executive vice president now owns 9,992 shares of the company's stock, valued at approximately $1,009,391.84. This trade represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.23% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Otis Worldwide

Large investors have recently modified their holdings of the company. JPMorgan Chase & Co. lifted its position in shares of Otis Worldwide by 41.0% during the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock valued at $2,918,223,000 after purchasing an additional 8,161,946 shares in the last quarter. Franklin Resources Inc. lifted its holdings in Otis Worldwide by 58.3% during the third quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company's stock worth $774,863,000 after acquiring an additional 2,706,871 shares during the period. Van ECK Associates Corp boosted its position 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 worth $232,662,000 after purchasing an additional 2,201,988 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in Otis Worldwide by 12.4% in 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 purchasing an additional 907,972 shares during the period. Finally, Brown Brothers Harriman & Co. grew its position in Otis Worldwide by 2,782.3% during the second quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company's stock valued at $78,469,000 after buying an additional 786,897 shares during the period. 88.03% of the stock is currently 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.