Barclays Lowers Otis Worldwide (NYSE:OTIS) Price Target to $76.00

Otis Worldwide (NYSE:OTIS) had its target price lowered by equities research analysts at Barclays from $80.00 to $76.00 in a note issued to investors on Thursday, FlyOnTheWall reports. Barclays‘s price target points to a potential downside of 8.11% from the stock’s current price.

Other equities research analysts have also recently issued reports about the company. TheStreet raised Otis Worldwide from a “c+” rating to a “b” rating in a report on Wednesday, July 26th. Royal Bank of Canada boosted their price objective on Otis Worldwide from $96.00 to $100.00 in a research note on Friday, July 28th. HSBC boosted their price objective on Otis Worldwide from $81.00 to $88.00 in a research note on Friday, June 23rd. Finally, Wells Fargo & Company boosted their price objective on Otis Worldwide from $88.00 to $90.00 in a research note on Monday, July 10th. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $87.86.

Otis Worldwide Stock Down 0.3 %

Shares of Otis Worldwide stock opened at $82.71 on Thursday. The stock’s 50-day simple moving average is $87.04 and its 200-day simple moving average is $84.93. Otis Worldwide has a 52 week low of $62.49 and a 52 week high of $91.33. The company has a market capitalization of $34.06 billion, a price-to-earnings ratio of 26.03 and a beta of 0.97.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, July 26th. The company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.86 by $0.06. Otis Worldwide had a negative return on equity of 28.62% and a net margin of 9.59%. The business had revenue of $3.72 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same period in the previous year, the business earned $0.86 earnings per share. The business’s revenue was up 6.7% on a year-over-year basis. On average, equities analysts expect that Otis Worldwide will post 3.47 earnings per share for the current year.

Insider Activity

In related news, insider Fernandez Bernardo Calleja sold 3,992 shares of the business’s stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $90.70, for a total value of $362,074.40. Following the completion of the sale, the insider now owns 42,097 shares in the company, valued at $3,818,197.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CAO Michael Patrick Ryan sold 6,372 shares of the business’s stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $90.50, for a total value of $576,666.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Fernandez Bernardo Calleja sold 3,992 shares of the company’s stock in a transaction on Friday, July 28th. The stock was sold at an average price of $90.70, for a total value of $362,074.40. Following the sale, the insider now owns 42,097 shares of the company’s stock, valued at approximately $3,818,197.90. The disclosure for this sale can be found here. Insiders own 0.11% of the company’s stock.

Institutional Trading of Otis Worldwide

Hedge funds have recently bought and sold shares of the stock. Fiduciary Alliance LLC acquired a new position in shares of Otis Worldwide during the second quarter worth $25,000. Nemes Rush Group LLC acquired a new position in shares of Otis Worldwide during the second quarter worth $26,000. Core Alternative Capital increased its position in shares of Otis Worldwide by 91.1% during the second quarter. Core Alternative Capital now owns 302 shares of the company’s stock worth $27,000 after purchasing an additional 144 shares in the last quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC increased its position in shares of Otis Worldwide by 95.5% during the first quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 389 shares of the company’s stock worth $33,000 after purchasing an additional 190 shares in the last quarter. Finally, Resurgent Financial Advisors LLC acquired a new position in shares of Otis Worldwide during the fourth quarter worth $33,000. Hedge funds and other institutional investors own 85.48% of the company’s stock.

Otis Worldwide Company Profile

Otis Worldwide Corporation engages in the 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.