Barclays Issues Pessimistic Forecast for Otis Worldwide (NYSE:OTIS) Stock Price

Otis Worldwide (NYSE:OTIS) had its price target reduced by analysts at Barclays from $90.00 to $80.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an “underweight” rating on the stock. Barclays‘s price target would indicate a potential upside of 2.56% from the company’s previous close.

Several other brokerages also recently commented on OTIS. BNP Paribas Exane raised shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target for the company in a report on Tuesday, December 9th. Wells Fargo & Company lowered their price objective on Otis Worldwide from $92.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Wolfe Research reissued an “outperform” rating on shares of Otis Worldwide in a research note on Monday, March 16th. New Street Research set a $98.00 target price on Otis Worldwide in a research note on Friday, January 30th. Finally, Wall Street Zen cut Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Three analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $98.78.

Otis Worldwide Stock Up 0.7%

Shares of OTIS opened at $78.00 on Wednesday. Otis Worldwide has a twelve month low of $75.27 and a twelve month high of $105.95. The stock has a market cap of $30.32 billion, a PE ratio of 22.29, a P/E/G ratio of 2.32 and a beta of 1.05. The business’s 50-day moving average price is $86.54 and its 200-day moving average price is $88.45.

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

Insider Activity at Otis Worldwide

In related news, insider Montlivault Stephane De sold 47,944 shares of the company’s stock in a transaction on Thursday, February 12th. The shares were sold at an average price of $92.25, for a total value of $4,422,834.00. Following the completion of the transaction, the insider directly owned 29,176 shares in the company, 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Michael Patrick Ryan sold 1,182 shares of the stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $90.06, for a total value of $106,450.92. Following the completion of the transaction, the chief accounting officer directly owned 3,504 shares in the company, valued at approximately $315,570.24. This represents a 25.22% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 158,013 shares of company stock valued at $14,337,635. 0.23% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Otis Worldwide

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