Otis Worldwide (NYSE:OTIS) PT Raised to $100.00 at Wells Fargo & Company

Otis Worldwide (NYSE:OTIS) had its price target boosted by equities researchers at Wells Fargo & Company from $98.00 to $100.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price would suggest a potential upside of 0.77% from the company’s current price.

Several other equities analysts have also recently commented on OTIS. Melius started coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They issued a “hold” rating for the company. Argus boosted their target price on Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Barclays increased their price target on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 2nd. Finally, JPMorgan Chase & Co. boosted their price objective on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, April 25th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $99.67.

Otis Worldwide Trading Up 2.4 %

OTIS stock opened at $99.24 on Wednesday. The business’s fifty day moving average price is $96.81 and its 200 day moving average price is $94.36. Otis Worldwide has a 12-month low of $73.32 and a 12-month high of $100.84. The company has a market capitalization of $40.13 billion, a PE ratio of 28.68 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.87 by $0.01. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. The company had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.44 billion. Research analysts predict that Otis Worldwide will post 3.88 EPS for the current fiscal year.

Insider Activity at Otis Worldwide

In other news, EVP Peiming Zheng sold 30,364 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total value of $2,844,803.16. Following the completion of the transaction, the executive vice president now owns 15,570 shares in the company, valued at approximately $1,458,753.30. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.23% of the stock is currently owned by corporate insiders.

Institutional Trading of Otis Worldwide

Several institutional investors and hedge funds have recently made changes to their positions in OTIS. Comerica Bank purchased a new position in Otis Worldwide during the 3rd quarter worth $9,128,000. Graham Capital Management L.P. purchased a new position in shares of Otis Worldwide during the third quarter worth about $1,441,000. Public Sector Pension Investment Board increased its position in Otis Worldwide by 11.4% in the 3rd quarter. Public Sector Pension Investment Board now owns 44,105 shares of the company’s stock valued at $3,542,000 after acquiring an additional 4,530 shares during the period. Deutsche Bank AG raised its stake in Otis Worldwide by 3.0% during the 3rd quarter. Deutsche Bank AG now owns 1,404,975 shares of the company’s stock valued at $112,834,000 after acquiring an additional 40,685 shares during the last quarter. Finally, Modera Wealth Management LLC lifted its position in Otis Worldwide by 20.1% during the 3rd quarter. Modera Wealth Management LLC now owns 9,332 shares of the company’s stock worth $749,000 after acquiring an additional 1,564 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

About Otis Worldwide

Otis Worldwide Corporation engages in 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.