Otis Worldwide (NYSE:OTIS) Given New $80.00 Price Target at Barclays

Otis Worldwide (NYSE:OTIS) had its price target reduced by Barclays from $90.00 to $80.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an “underweight” rating on the stock. Barclays‘s target price points to a potential upside of 3.16% from the company’s current price.

Other analysts have also recently issued reports about the stock. Wolfe Research reissued an “outperform” rating on shares of Otis Worldwide in a research note on Monday, March 16th. Wells Fargo & Company decreased their price target on Otis Worldwide from $92.00 to $80.00 and set an “equal weight” rating on the stock in a report on Wednesday. JPMorgan Chase & Co. downgraded Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price objective on the stock. in a research report on Friday, January 30th. BNP Paribas Exane upgraded Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price for the company in a research report on Tuesday, December 9th. Finally, Wall Street Zen cut Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Three equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Otis Worldwide currently has an average rating of “Hold” and an average price target of $98.78.

Otis Worldwide Price Performance

Shares of NYSE:OTIS traded up $0.47 during mid-day trading on Wednesday, reaching $77.55. 1,322,857 shares of the company traded hands, compared to its average volume of 3,880,979. The company’s 50 day moving average price is $87.02 and its 200-day moving average price is $88.60. The firm has a market cap of $30.14 billion, a PE ratio of 22.16, a PEG ratio of 2.31 and a beta of 1.00. Otis Worldwide has a 52 week low of $75.27 and a 52 week high of $105.95.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, hitting analysts’ consensus estimates of $1.03. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The company had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter last year, the business earned $0.93 EPS. The firm’s revenue was up 3.3% compared to the same quarter last year. On average, research analysts predict that Otis Worldwide will post 4.04 earnings per share for the current fiscal year.

Insider Transactions at Otis Worldwide

In other news, insider Montlivault Stephane De sold 47,944 shares of Otis Worldwide stock in a transaction dated Thursday, February 12th. The stock was sold at an average price of $92.25, for a total value of $4,422,834.00. Following the sale, the insider directly owned 29,176 shares of the company’s stock, valued at approximately $2,691,486. The trade was a 62.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Michael Patrick Ryan sold 1,182 shares of the business’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 completion of the sale, the chief accounting officer owned 3,504 shares in the company, valued at $315,570.24. This represents a 25.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 158,013 shares of company stock valued at $14,337,635. 0.23% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Alliancebernstein L.P. increased its position in Otis Worldwide by 3.2% in the second quarter. Alliancebernstein L.P. now owns 19,378,760 shares of the company’s stock worth $1,918,885,000 after purchasing an additional 603,860 shares during the last quarter. State Street Corp raised its stake in Otis Worldwide by 0.8% during the fourth quarter. State Street Corp now owns 16,128,197 shares of the company’s stock valued at $1,408,798,000 after purchasing an additional 121,207 shares in the last quarter. Geode Capital Management LLC lifted its position in Otis Worldwide by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 10,788,225 shares of the company’s stock valued at $945,020,000 after purchasing an additional 29,636 shares during the last quarter. Norges Bank bought a new position in Otis Worldwide during the fourth quarter valued at $770,125,000. Finally, Franklin Resources Inc. grew its stake in shares of Otis Worldwide by 5.7% in the 4th quarter. Franklin Resources Inc. now owns 7,842,153 shares of the company’s stock worth $685,012,000 after buying an additional 422,519 shares in the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

About Otis Worldwide

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.