Wells Fargo & Company Cuts Otis Worldwide (NYSE:OTIS) Price Target to $93.00

Otis Worldwide (NYSE:OTIS - Get Free Report) had its target price decreased by research analysts at Wells Fargo & Company from $100.00 to $93.00 in a report released on Thursday,Benzinga reports. The firm presently has an "equal weight" rating on the stock. Wells Fargo & Company's target price would indicate a potential upside of 4.77% from the company's previous close.

Several other equities research analysts have also issued reports on the company. Royal Bank Of Canada lowered their price objective on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a research note on Monday, April 28th. Morgan Stanley raised their target price on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. Barclays dropped their target price on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research report on Thursday. Deutsche Bank Aktiengesellschaft began coverage on Otis Worldwide in a report on Monday, July 14th. They set a "hold" rating and a $109.00 price objective for the company. Finally, JPMorgan Chase & Co. reduced their target price on Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating for the company in a research note on Thursday. Two research analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $102.50.

Otis Worldwide Stock Up 0.3%

OTIS traded up $0.28 during mid-day trading on Thursday, reaching $88.77. 1,783,061 shares of the company traded hands, compared to its average volume of 2,592,093. The stock has a market capitalization of $35.03 billion, a P/E ratio of 23.29, a P/E/G ratio of 2.72 and a beta of 0.98. The company's fifty day moving average price is $97.32 and its 200-day moving average price is $97.28. Otis Worldwide has a 52-week low of $86.00 and a 52-week high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $1.03 by $0.02. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.73 billion. Otis Worldwide had a negative return on equity of 31.72% and a net margin of 10.83%. Otis Worldwide's revenue was down .2% on a year-over-year basis. During the same period in the prior year, the business posted $1.06 EPS. As a group, sell-side analysts forecast that Otis Worldwide will post 4.04 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Otis Worldwide

Institutional investors have recently bought and sold shares of the company. NBC Securities Inc. acquired a new position in Otis Worldwide in the first quarter valued at approximately $25,000. Transce3nd LLC purchased a new stake in shares of Otis Worldwide during the fourth quarter worth $25,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Otis Worldwide during the fourth quarter worth $28,000. Wayfinding Financial LLC acquired a new position in shares of Otis Worldwide during the first quarter worth $31,000. Finally, Cheviot Value Management LLC acquired a new position in Otis Worldwide in the first quarter valued at $31,000. 88.03% of the stock is currently 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.

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