Otis Worldwide (NYSE:OTIS) Price Target Lowered to $105.00 at Wells Fargo & Company

Otis Worldwide (NYSE:OTIS) had its target price dropped by investment analysts at Wells Fargo & Company from $108.00 to $105.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price indicates a potential upside of 5.59% from the stock’s current price.

OTIS has been the subject of several other research reports. Royal Bank of Canada reissued an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. Barclays dropped their price target on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a research note on Thursday. Morgan Stanley assumed coverage on Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target on the stock. Finally, Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Otis Worldwide has an average rating of “Hold” and an average price target of $102.00.

Otis Worldwide Trading Up 1.3 %

OTIS stock opened at $99.44 on Thursday. Otis Worldwide has a 1-year low of $77.51 and a 1-year high of $106.33. The business’s 50-day moving average price is $99.11 and its two-hundred day moving average price is $96.89. The firm has a market cap of $39.83 billion, a PE ratio of 24.80 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same quarter last year, the firm earned $0.95 EPS. The company’s revenue for the quarter was up .7% on a year-over-year basis. On average, analysts forecast that Otis Worldwide will post 3.88 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC increased its holdings in Otis Worldwide by 145.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 230,052 shares of the company’s stock worth $22,837,000 after buying an additional 136,324 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Otis Worldwide by 0.9% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,009,178 shares of the company’s stock valued at $100,181,000 after acquiring an additional 9,145 shares during the period. Norden Group LLC bought a new position in shares of Otis Worldwide in the 1st quarter valued at about $1,722,000. First Trust Direct Indexing L.P. increased its stake in shares of Otis Worldwide by 15.6% during the 1st quarter. First Trust Direct Indexing L.P. now owns 10,530 shares of the company’s stock worth $1,045,000 after purchasing an additional 1,422 shares during the last quarter. Finally, J.W. Cole Advisors Inc. raised its holdings in shares of Otis Worldwide by 27.8% in the 1st quarter. J.W. Cole Advisors Inc. now owns 6,452 shares of the company’s stock valued at $640,000 after purchasing an additional 1,405 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

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.