Barclays Forecasts Strong Price Appreciation for Otis Worldwide (NYSE:OTIS) Stock

Otis Worldwide (NYSE:OTIS) had its price target upped by equities researchers at Barclays from $91.00 to $92.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an “underweight” rating on the stock. Barclays‘s price objective would suggest a potential downside of 10.73% from the stock’s current price.

OTIS has been the topic of several other reports. Wells Fargo & Company lowered their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 30th. Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a research note on Thursday, December 12th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $103.00.

Otis Worldwide Stock Up 0.4 %

Shares of OTIS stock opened at $103.06 on Wednesday. The firm’s 50 day moving average price is $98.54 and its two-hundred day moving average price is $98.56. Otis Worldwide has a fifty-two week low of $90.12 and a fifty-two week high of $106.83. The stock has a market cap of $40.87 billion, a price-to-earnings ratio of 25.38 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. On average, equities analysts forecast that Otis Worldwide will post 4.04 EPS for the current fiscal year.

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

Insider Activity

In other news, EVP Peiming Zheng sold 32,694 shares of the business’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the completion of the transaction, the executive vice president now directly owns 169 shares in the company, valued at approximately $16,127.67. The trade was a 99.49 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Judith Fran Marks sold 38,012 shares of the firm’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $3,588,712.92. Following the sale, the chief executive officer now directly owns 245,883 shares in the company, valued at $23,213,814.03. The trade was a 13.39 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 112,281 shares of company stock worth $10,747,553. 0.23% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Otis Worldwide

Several hedge funds have recently made changes to their positions in the business. Transce3nd LLC bought a new position in shares of Otis Worldwide in the 4th quarter valued at about $25,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Otis Worldwide in the fourth quarter valued at about $28,000. Fortitude Family Office LLC increased its holdings in shares of Otis Worldwide by 485.5% during the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after purchasing an additional 267 shares during the period. Centricity Wealth Management LLC bought a new stake in shares of Otis Worldwide during the 4th quarter valued at $33,000. Finally, Golden State Wealth Management LLC acquired a new stake in Otis Worldwide during the fourth quarter worth about $34,000. 88.03% of the stock is owned by institutional investors.

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.