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

Otis Worldwide (NYSE:OTIS) had its price objective dropped by research analysts at Wells Fargo & Company from $100.00 to $95.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target indicates a potential downside of 0.45% from the stock’s current price.

OTIS has been the subject of several other research reports. JPMorgan Chase & Co. cut their price target on Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating for the company in a report on Wednesday, January 15th. UBS Group began coverage on Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price for the company. Barclays cut their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research note on Wednesday, January 8th. Finally, Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a research note on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $102.88.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $95.43 on Thursday. Otis Worldwide has a one year low of $87.57 and a one year high of $106.33. The stock has a market cap of $38.12 billion, a PE ratio of 23.50 and a beta of 1.06. The stock has a 50 day moving average price of $95.91 and a 200 day moving average price of $97.15.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.57%. As a group, analysts predict that Otis Worldwide will post 4.02 earnings per share for the current fiscal year.

Otis Worldwide announced that its Board of Directors has authorized a share buyback plan on Thursday, January 16th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to purchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Insider Activity

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of OTIS. Davidson Investment Advisors boosted its stake in shares of Otis Worldwide by 1.6% in the 4th quarter. Davidson Investment Advisors now owns 173,540 shares of the company’s stock valued at $16,072,000 after buying an additional 2,808 shares during the period. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in Otis Worldwide in the fourth quarter valued at approximately $334,000. Kestra Investment Management LLC acquired a new stake in Otis Worldwide in the fourth quarter valued at approximately $73,000. Venturi Wealth Management LLC raised its holdings in Otis Worldwide by 223.0% in the fourth quarter. Venturi Wealth Management LLC now owns 927 shares of the company’s stock valued at $86,000 after acquiring an additional 640 shares in the last quarter. Finally, Allworth Financial LP raised its holdings in Otis Worldwide by 529.2% in the fourth quarter. Allworth Financial LP now owns 28,124 shares of the company’s stock valued at $2,683,000 after acquiring an additional 23,654 shares in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

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.