Wells Fargo & Company Has Lowered Expectations for Otis Worldwide (NYSE:OTIS) Stock Price

Otis Worldwide (NYSE:OTIS) had its price objective dropped by Wells Fargo & Company from $108.00 to $105.00 in a research note issued on Thursday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target suggests a potential upside of 5.59% from the company’s current price.

OTIS has been the subject of a number of other research reports. Royal Bank of Canada restated an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a research note on Thursday, September 19th. Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Barclays lowered their price target on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a research report on Thursday. Finally, Morgan Stanley started coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price on the stock. Eight equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $102.00.

Otis Worldwide Trading Up 1.3 %

Shares of NYSE:OTIS opened at $99.44 on Thursday. The business’s 50 day moving average is $99.11 and its 200-day moving average is $96.89. The firm has a market capitalization of $39.83 billion, a PE ratio of 24.80 and a beta of 1.03. Otis Worldwide has a 1-year low of $77.51 and a 1-year high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.01). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The business had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same period last year, the firm earned $0.95 EPS. The company’s quarterly revenue was up .7% compared to the same quarter last year. On average, sell-side analysts predict that Otis Worldwide will post 3.88 EPS for the current year.

Hedge Funds Weigh In On Otis Worldwide

Institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC boosted its position in Otis Worldwide by 145.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 230,052 shares of the company’s stock valued at $22,837,000 after buying an additional 136,324 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Otis Worldwide by 0.9% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,009,178 shares of the company’s stock valued at $100,181,000 after acquiring an additional 9,145 shares during the last quarter. Norden Group LLC acquired a new stake in Otis Worldwide in the first quarter worth about $1,722,000. First Trust Direct Indexing L.P. increased its position in Otis Worldwide by 15.6% in the first quarter. First Trust Direct Indexing L.P. now owns 10,530 shares of the company’s stock worth $1,045,000 after purchasing an additional 1,422 shares during the period. Finally, J.W. Cole Advisors Inc. raised its holdings in Otis Worldwide by 27.8% during the 1st quarter. J.W. Cole Advisors Inc. now owns 6,452 shares of the company’s stock worth $640,000 after purchasing an additional 1,405 shares during the last quarter. 88.03% of the stock is owned by 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.