Otis Worldwide (NYSE:OTIS) Price Target Lowered to $105.00 at Royal Bank of Canada

Otis Worldwide (NYSE:OTIS - Get Free Report) had its target price decreased by stock analysts at Royal Bank of Canada from $109.00 to $105.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Royal Bank of Canada's target price would indicate a potential upside of 12.74% from the stock's current price.

Other equities analysts have also issued research reports about the stock. Barclays decreased their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research report on Friday. JPMorgan Chase & Co. decreased their target price on Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating for the company in a research note on Tuesday, April 8th. Finally, Wells Fargo & Company cut their price target on shares of Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating for the company in a report on Thursday. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Otis Worldwide has a consensus rating of "Hold" and a consensus target price of $100.00.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock traded up $0.20 on Monday, reaching $93.13. 1,090,744 shares of the company were exchanged, compared to its average volume of 2,218,039. The firm has a market cap of $36.93 billion, a price-to-earnings ratio of 22.95 and a beta of 1.00. The company's 50-day moving average is $99.06 and its two-hundred day moving average is $98.24. Otis Worldwide has a 1-year low of $89.70 and a 1-year high of $106.83.

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

Otis Worldwide announced that its board has initiated a share repurchase program on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to buy up to 5.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling at Otis Worldwide

In other news, EVP Peiming Zheng sold 32,694 shares of the firm's stock in a transaction on Friday, January 31st. The shares were sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the transaction, the executive vice president now owns 169 shares in the company, valued at approximately $16,127.67. This trade represents a 99.49 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Nora E. Lafreniere sold 4,775 shares of the firm's stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $450,807.75. Following the transaction, the executive vice president now owns 24,927 shares in the company, valued at approximately $2,353,358.07. This trade represents a 16.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 112,281 shares of company stock valued at $10,747,553 in the last quarter. Company insiders own 0.23% of the company's stock.

Hedge Funds Weigh In On Otis Worldwide

Institutional investors and hedge funds have recently bought and sold shares of the stock. Resonant Capital Advisors LLC lifted its stake in shares of Otis Worldwide by 3.1% in the fourth quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company's stock valued at $320,000 after buying an additional 105 shares during the period. Coldstream Capital Management Inc. increased its position in shares of Otis Worldwide by 4.2% during the fourth quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company's stock valued at $249,000 after purchasing an additional 109 shares during the period. Montis Financial LLC raised its stake in shares of Otis Worldwide by 5.2% in the fourth quarter. Montis Financial LLC now owns 2,216 shares of the company's stock valued at $205,000 after purchasing an additional 110 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. lifted its position in Otis Worldwide by 15.3% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 828 shares of the company's stock worth $85,000 after purchasing an additional 110 shares during the period. Finally, AlTi Global Inc. boosted its stake in Otis Worldwide by 4.9% during the fourth quarter. AlTi Global Inc. now owns 2,404 shares of the company's stock worth $223,000 after buying an additional 113 shares in the last quarter. Institutional investors own 88.03% of the company's stock.

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.

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