Wells Fargo & Company Issues Pessimistic Forecast for Otis Worldwide (NYSE:OTIS) Stock Price

Otis Worldwide (NYSE:OTIS) had its price target lowered by equities research analysts at Wells Fargo & Company from $92.00 to $80.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price points to a potential upside of 2.56% from the stock’s previous close.

Several other equities analysts have also recently weighed in on the company. JPMorgan Chase & Co. cut Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price objective for the company. in a research report on Friday, January 30th. BNP Paribas Exane raised Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target on the stock in a research report on Tuesday, December 9th. Wall Street Zen lowered Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Wolfe Research reissued an “outperform” rating on shares of Otis Worldwide in a research report on Monday, March 16th. Finally, New Street Research set a $98.00 price objective on shares of Otis Worldwide in a research note on Friday, January 30th. Three research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $98.78.

Otis Worldwide Price Performance

OTIS opened at $78.00 on Wednesday. The company has a market capitalization of $30.32 billion, a PE ratio of 22.29, a price-to-earnings-growth ratio of 2.32 and a beta of 1.05. Otis Worldwide has a fifty-two week low of $75.27 and a fifty-two week high of $105.95. The business has a 50-day moving average of $86.54 and a 200-day moving average of $88.45.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.03. The firm had revenue of $3.80 billion during the quarter, compared to analysts’ expectations 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 for the quarter was up 3.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.93 earnings per share. On average, equities research analysts expect that Otis Worldwide will post 4.04 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Neil Green sold 6,000 shares of the stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $86.45, for a total transaction of $518,700.00. Following the sale, the executive vice president directly owned 3,773 shares of the company’s stock, valued at $326,175.85. This represents a 61.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Judith Fran Marks sold 56,107 shares of Otis Worldwide stock in a transaction on Thursday, February 5th. The shares were sold at an average price of $90.89, for a total value of $5,099,565.23. Following the completion of the sale, the chief executive officer directly owned 231,072 shares of the company’s stock, valued at $21,002,134.08. This trade represents a 19.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 158,013 shares of company stock worth $14,337,635. 0.23% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in OTIS. Root Financial Partners LLC acquired a new position in Otis Worldwide in the third quarter valued at about $26,000. Camelot Portfolios LLC acquired a new position in shares of Otis Worldwide during the 4th quarter worth about $26,000. Stance Capital LLC bought a new stake in shares of Otis Worldwide in the 3rd quarter valued at about $27,000. Garton & Associates Financial Advisors LLC acquired a new stake in shares of Otis Worldwide in the 4th quarter valued at approximately $27,000. Finally, Rakuten Investment Management Inc. acquired a new stake in shares of Otis Worldwide in the 3rd quarter valued at approximately $31,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

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.