Otis Worldwide (NYSE:OTIS) Lowered to Peer Perform at Wolfe Research

Otis Worldwide (NYSE:OTIS) was downgraded by equities research analysts at Wolfe Research from an “outperform” rating to a “peer perform” rating in a research note issued on Tuesday, FinViz reports.

Several other equities analysts also recently commented on OTIS. Royal Bank of Canada restated an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. Morgan Stanley initiated coverage on Otis Worldwide in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price on the stock. Wells Fargo & Company boosted their target price on Otis Worldwide from $95.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Monday. Finally, Barclays boosted their target price on Otis Worldwide from $90.00 to $96.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Eight research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Otis Worldwide has an average rating of “Hold” and an average price target of $102.71.

Otis Worldwide Stock Down 0.5 %

OTIS opened at $104.02 on Tuesday. The stock has a market cap of $41.67 billion, a PE ratio of 30.06 and a beta of 1.03. The business has a 50 day moving average of $95.30 and a 200-day moving average of $96.25. Otis Worldwide has a 52 week low of $73.32 and a 52 week high of $105.39.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03. The business had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The firm’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.92 earnings per share. Equities analysts anticipate that Otis Worldwide will post 3.88 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of OTIS. Meeder Asset Management Inc. lifted its stake in Otis Worldwide by 264.9% during the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after purchasing an additional 196 shares during the last quarter. Jamison Private Wealth Management Inc. lifted its position in Otis Worldwide by 5,720.0% in the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock valued at $28,000 after acquiring an additional 286 shares during the last quarter. Cranbrook Wealth Management LLC boosted its stake in Otis Worldwide by 675.7% in the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after acquiring an additional 250 shares in the last quarter. Hantz Financial Services Inc. purchased a new position in shares of Otis Worldwide during the second quarter worth about $29,000. Finally, Accent Capital Management LLC acquired a new stake in shares of Otis Worldwide during the fourth quarter worth about $36,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Company Profile

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.