Otis Worldwide (NYSE:OTIS) Rating Lowered to Underweight at Barclays

Otis Worldwide (NYSE:OTIS) was downgraded by analysts at Barclays from an “equal weight” rating to an “underweight” rating in a note issued to investors on Thursday, MarketBeat reports. They presently have a $94.00 price objective on the stock. Barclays‘s price target would indicate a potential downside of 5.79% from the stock’s current price.

Other equities analysts have also recently issued research reports about the company. Wells Fargo & Company lowered their target price on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Morgan Stanley began coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target on the stock. Finally, UBS Group initiated coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective for the company. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $104.57.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $99.78 on Thursday. The company has a market cap of $39.86 billion, a P/E ratio of 24.72 and a beta of 1.04. Otis Worldwide has a fifty-two week low of $85.42 and a fifty-two week high of $106.33. The firm’s 50 day simple moving average is $102.00 and its 200-day simple moving average is $97.91.

Otis Worldwide (NYSE:OTIS) last announced its 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). The firm had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. Otis Worldwide’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period last year, the firm earned $0.95 earnings per share. On average, analysts expect that Otis Worldwide will post 3.85 EPS for the current fiscal year.

Insider Activity

In other news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the transaction, the executive vice president now directly owns 9,992 shares in the company, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.23% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Riverview Trust Co acquired a new stake in Otis Worldwide during the third quarter valued at approximately $25,000. Meeder Asset Management Inc. increased its holdings in Otis Worldwide by 264.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after purchasing an additional 196 shares in the last quarter. Cranbrook Wealth Management LLC raised its position in Otis Worldwide by 675.7% in the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after purchasing an additional 250 shares during the last quarter. Northwest Investment Counselors LLC bought a new position in Otis Worldwide in the 3rd quarter valued at $28,000. Finally, Hantz Financial Services Inc. acquired a new position in Otis Worldwide in the second quarter worth $29,000. 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.