Otis Worldwide (NYSE:OTIS) Lowered to Underperform Rating by Wolfe Research

Otis Worldwide (NYSE:OTIS) was downgraded by analysts at Wolfe Research from a “peer perform” rating to an “underperform” rating in a report issued on Thursday, MarketBeat Ratings reports. They currently have a $104.00 price objective on the stock. Wolfe Research’s target price suggests a potential upside of 6.35% from the stock’s previous close.

A number of other analysts also recently weighed in on OTIS. Barclays downgraded shares of Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 target price for the company. in a research report on Thursday, December 5th. Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a research report on Thursday, September 19th. UBS Group began coverage on Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target for the company. Finally, Morgan Stanley began coverage on Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $104.50.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $97.79 on Thursday. Otis Worldwide has a 52 week low of $85.42 and a 52 week high of $106.33. The firm has a market cap of $39.06 billion, a PE ratio of 24.39 and a beta of 1.04. The firm’s fifty day moving average is $101.40 and its 200-day moving average is $97.98.

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

Insiders Place Their Bets

In other news, EVP Abbe Luersman sold 9,000 shares of the business’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 transaction of $909,180.00. Following the completion of 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.23% of the company’s stock.

Institutional Trading of Otis Worldwide

Hedge funds have recently bought and sold shares of the business. Riverview Trust Co acquired a new position in Otis Worldwide during the third quarter worth $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 acquiring an additional 196 shares in the last quarter. Cranbrook Wealth Management LLC raised its holdings in shares of Otis Worldwide by 675.7% in the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after acquiring an additional 250 shares during the last quarter. Northwest Investment Counselors LLC bought a new position in Otis Worldwide in the 3rd quarter valued at about $28,000. Finally, Hantz Financial Services Inc. acquired a new position in Otis Worldwide during the 2nd quarter valued at about $29,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

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.