Otis Worldwide (NYSE:OTIS) Given New $92.00 Price Target at Barclays

Otis Worldwide (NYSE:OTIS) had its price target hoisted by Barclays from $91.00 to $92.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an “underweight” rating on the stock. Barclays‘s price target would indicate a potential downside of 9.77% from the company’s current price.

A number of other research analysts have also recently commented on OTIS. Wells Fargo & Company lowered their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research note 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 target price on the stock. in a report on Thursday, December 12th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. According to MarketBeat, Otis Worldwide currently has an average rating of “Hold” and an average price target of $103.00.

Otis Worldwide Stock Up 0.6 %

NYSE:OTIS opened at $101.97 on Wednesday. The firm’s fifty day simple moving average is $98.13 and its 200 day simple moving average is $98.50. The stock has a market cap of $40.43 billion, a P/E ratio of 25.14 and a beta of 1.05. Otis Worldwide has a twelve month low of $90.12 and a twelve month high of $106.83.

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

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

Insider Buying and Selling

In related news, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 245,883 shares in the company, valued at approximately $23,213,814.03. This trade represents a 13.39 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Montlivault Stephane De sold 6,660 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the transaction, 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 sold a total of 112,281 shares of company stock worth $10,747,553 in the last three months. Insiders own 0.23% of the company’s stock.

Institutional Investors Weigh In On Otis Worldwide

A number of hedge funds have recently added to or reduced their stakes in the stock. Fire Capital Management LLC purchased a new position in shares of Otis Worldwide in the 4th quarter worth $680,000. Wealth Enhancement Advisory Services LLC boosted its position in Otis Worldwide by 14.2% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 30,341 shares of the company’s stock worth $2,810,000 after purchasing an additional 3,765 shares during the last quarter. Lansforsakringar Fondforvaltning AB publ purchased a new stake in shares of Otis Worldwide during the 4th quarter valued at about $12,291,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Otis Worldwide during the 4th quarter valued at about $29,451,000. Finally, Forum Financial Management LP lifted its stake in shares of Otis Worldwide by 12.0% in the 4th quarter. Forum Financial Management LP now owns 2,893 shares of the company’s stock worth $268,000 after purchasing an additional 311 shares during the period. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

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.