Barclays Downgrades Otis Worldwide (NYSE:OTIS) to Underweight

Otis Worldwide (NYSE:OTIS) was downgraded by investment analysts at Barclays from an “equal weight” rating to an “underweight” rating in a report released on Thursday,Briefing.com Automated Import reports. They presently have a $94.00 price objective on the stock. Barclays‘s price objective points to a potential downside of 7.07% from the stock’s current price.

A number of other brokerages have also recently issued reports on OTIS. Morgan Stanley started coverage on shares of Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective for the company. Wells Fargo & Company decreased their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. UBS Group began coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target for the company. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and a consensus target price of $104.57.

Otis Worldwide Trading Up 0.1 %

Shares of NYSE OTIS opened at $101.15 on Thursday. Otis Worldwide has a 1-year low of $85.42 and a 1-year high of $106.33. The company has a market cap of $40.41 billion, a PE ratio of 25.22 and a beta of 1.04. The company has a 50-day moving average of $102.06 and a two-hundred day moving average of $97.88.

Otis Worldwide (NYSE:OTIS) last posted its quarterly 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). The business had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The company’s quarterly revenue was up .7% on a year-over-year basis. During the same period last year, the firm earned $0.95 earnings per share. As a group, equities research analysts forecast that Otis Worldwide will post 3.85 earnings per share for the current year.

Insider Activity

In other news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the transaction, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.23% of the company’s stock.

Hedge Funds Weigh In On Otis Worldwide

Several institutional investors and hedge funds have recently modified their holdings of the business. Riverview Trust Co acquired a new stake in Otis Worldwide during the third quarter worth about $25,000. Meeder Asset Management Inc. grew its stake in 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 in the last quarter. Cranbrook Wealth Management LLC grew its stake in Otis Worldwide by 675.7% during the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after buying an additional 250 shares in the last quarter. Northwest Investment Counselors LLC acquired a new stake in Otis Worldwide during the third quarter worth about $28,000. Finally, Hantz Financial Services Inc. acquired a new stake in Otis Worldwide during the second quarter worth about $29,000. 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.