Wells Fargo & Company Has Lowered Expectations for Otis Worldwide (NYSE:OTIS) Stock Price

Otis Worldwide (NYSE:OTIS) had its target price decreased by equities research analysts at Wells Fargo & Company from $92.00 to $80.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 3.17% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the company. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a report on Friday. Wolfe Research reiterated an “outperform” rating on shares of Otis Worldwide in a research report on Monday, March 16th. BNP Paribas Exane raised Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price on the stock in a report on Tuesday, December 9th. JPMorgan Chase & Co. cut Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target for the company. in a research report on Friday, January 30th. Finally, New Street Research set a $98.00 price target on Otis Worldwide in a research note on Friday, January 30th. Three equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $100.11.

Otis Worldwide Stock Performance

OTIS traded up $0.47 during trading on Wednesday, reaching $77.55. The company’s stock had a trading volume of 856,846 shares, compared to its average volume of 3,873,832. The company’s fifty day moving average price is $87.02 and its 200-day moving average price is $88.60. Otis Worldwide has a 52-week low of $75.27 and a 52-week high of $105.95. The company has a market capitalization of $30.14 billion, a price-to-earnings ratio of 22.16, a price-to-earnings-growth ratio of 2.31 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.03. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.The business had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same period in the prior year, the business posted $0.93 EPS. The company’s revenue for the quarter was up 3.3% on a year-over-year basis. Equities analysts predict that Otis Worldwide will post 4.04 earnings per share for the current year.

Insider Activity at Otis Worldwide

In other news, CAO Michael Patrick Ryan sold 1,182 shares of the firm’s stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $90.06, for a total value of $106,450.92. Following the transaction, the chief accounting officer directly owned 3,504 shares in the company, valued at $315,570.24. This trade represents a 25.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Judith Fran Marks sold 56,107 shares of Otis Worldwide stock in a transaction that occurred on Thursday, February 5th. The shares were sold at an average price of $90.89, for a total transaction of $5,099,565.23. Following the transaction, the chief executive officer directly owned 231,072 shares in the company, valued at approximately $21,002,134.08. This trade represents a 19.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 158,013 shares of company stock worth $14,337,635. 0.23% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Otis Worldwide during the fourth quarter worth about $770,125,000. Marshall Wace LLP boosted its holdings in Otis Worldwide by 5,291.5% in the second quarter. Marshall Wace LLP now owns 2,844,524 shares of the company’s stock valued at $281,665,000 after purchasing an additional 2,791,765 shares during the last quarter. Millennium Management LLC grew its stake in Otis Worldwide by 1,047.0% during the 4th quarter. Millennium Management LLC now owns 2,387,466 shares of the company’s stock valued at $208,545,000 after purchasing an additional 2,179,314 shares in the last quarter. Van ECK Associates Corp grew its stake in Otis Worldwide by 97.9% during the 4th quarter. Van ECK Associates Corp now owns 4,002,589 shares of the company’s stock valued at $349,626,000 after purchasing an additional 1,979,819 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in Otis Worldwide by 125.7% during the 3rd quarter. AQR Capital Management LLC now owns 2,596,355 shares of the company’s stock worth $236,891,000 after purchasing an additional 1,445,904 shares during the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Company Profile

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.