Barclays Issues Pessimistic Forecast for Otis Worldwide (NYSE:OTIS) Stock Price

Otis Worldwide (NYSE:OTIS - Get Free Report) had its price target reduced by research analysts at Barclays from $92.00 to $90.00 in a report released on Friday,Benzinga reports. The brokerage presently has an "underweight" rating on the stock. Barclays's price target points to a potential downside of 6.00% from the stock's current price.

A number of other brokerages have also recently issued reports on OTIS. Wells Fargo & Company reduced their target price on shares of Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating for the company in a research report on Thursday, April 24th. JPMorgan Chase & Co. dropped their target price on shares of Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating for the company in a research report on Tuesday, April 8th. Two analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $100.00.

Otis Worldwide Price Performance

OTIS stock traded up $0.84 during midday trading on Friday, reaching $95.74. 1,171,891 shares of the company were exchanged, compared to its average volume of 2,231,046. The business has a 50-day moving average price of $98.89 and a two-hundred day moving average price of $98.15. Otis Worldwide has a one year low of $89.70 and a one year high of $106.83. The firm has a market capitalization of $37.88 billion, a price-to-earnings ratio of 23.58 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.91 by $0.01. The company had revenue of $3.35 billion during the quarter, compared to analysts' expectations of $3.41 billion. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. Otis Worldwide's quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.88 earnings per share. As a group, analysts anticipate that Otis Worldwide will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide announced that its Board of Directors has authorized a share repurchase plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 5.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 32,694 shares of the firm's stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $95.43, for a total value of $3,119,988.42. Following the sale, the executive vice president now owns 169 shares in the company, valued at $16,127.67. This trade represents a 99.49 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Montlivault Stephane De sold 6,660 shares of the firm's stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the sale, the insider now owns 63,931 shares in the company, valued at $6,731,934.30. This represents a 9.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 112,281 shares of company stock worth $10,747,553 over the last quarter. Corporate insiders own 0.23% of the company's stock.

Hedge Funds Weigh In On Otis Worldwide

Several large investors have recently modified their holdings of the business. Nisa Investment Advisors LLC raised its stake in shares of Otis Worldwide by 16.0% during the first quarter. Nisa Investment Advisors LLC now owns 116,687 shares of the company's stock valued at $12,042,000 after acquiring an additional 16,061 shares during the last quarter. Rehmann Capital Advisory Group raised its stake in shares of Otis Worldwide by 5.8% during the first quarter. Rehmann Capital Advisory Group now owns 6,824 shares of the company's stock valued at $704,000 after acquiring an additional 375 shares during the last quarter. Greenleaf Trust raised its stake in shares of Otis Worldwide by 12.9% during the first quarter. Greenleaf Trust now owns 11,829 shares of the company's stock valued at $1,221,000 after acquiring an additional 1,348 shares during the last quarter. DekaBank Deutsche Girozentrale raised its stake in shares of Otis Worldwide by 2.6% during the first quarter. DekaBank Deutsche Girozentrale now owns 162,726 shares of the company's stock valued at $16,443,000 after acquiring an additional 4,158 shares during the last quarter. Finally, Personal CFO Solutions LLC bought a new position in shares of Otis Worldwide during the first quarter valued at $223,000. Institutional investors own 88.03% of the company's stock.

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.