Otis Worldwide (NYSE:OTIS) Upgraded to Strong Sell at Wells Fargo & Company

Otis Worldwide (NYSE:OTIS) was upgraded by analysts at Wells Fargo & Company to a “strong sell” rating in a research report issued to clients and investors on Thursday, Zacks reports.

A number of other research firms have also issued reports on OTIS. Evercore reaffirmed an “outperform” rating and issued a $95.00 target price on shares of Otis Worldwide in a research note on Thursday, July 23rd. Weiss Ratings reissued a “hold (c-)” rating on shares of Otis Worldwide in a research report on Wednesday, August 12th. Morgan Stanley set a $75.00 price target on Otis Worldwide in a report on Monday, August 10th. Sanford C. Bernstein restated an “outperform” rating on shares of Otis Worldwide in a research report on Monday. Finally, Royal Bank Of Canada set a $90.00 price objective on Otis Worldwide in a research note on Tuesday, July 28th. Four investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Otis Worldwide currently has an average rating of “Hold” and an average target price of $92.64.

Otis Worldwide Trading Down 1.1%

Shares of NYSE OTIS opened at $65.97 on Thursday. The company’s 50-day moving average price is $71.11 and its 200 day moving average price is $73.97. Otis Worldwide has a 52 week low of $65.87 and a 52 week high of $94.57. The stock has a market cap of $25.11 billion, a price-to-earnings ratio of 16.96, a PEG ratio of 2.35 and a beta of 0.88.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, July 22nd. The company reported $1.01 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.01. The company had revenue of $3.86 billion during the quarter, compared to analysts’ expectations of $3.76 billion. Otis Worldwide had a net margin of 10.17% and a negative return on equity of 28.50%. The firm’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.05 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. As a group, research analysts expect that Otis Worldwide will post 4.03 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. BlackRock Inc. acquired a new stake in shares of Otis Worldwide during the second quarter worth $2,264,017,000. State Street Corp lifted its position in Otis Worldwide by 2.9% during the second quarter. State Street Corp now owns 16,664,994 shares of the company’s stock worth $1,193,214,000 after buying an additional 463,491 shares during the period. Geode Capital Management LLC lifted its position in Otis Worldwide by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 10,788,225 shares of the company’s stock worth $945,020,000 after buying an additional 29,636 shares during the period. Norges Bank acquired a new stake in Otis Worldwide in the 4th quarter worth about $770,125,000. Finally, Franklin Resources Inc. grew its holdings in Otis Worldwide by 5.7% in the 4th quarter. Franklin Resources Inc. now owns 7,842,153 shares of the company’s stock valued at $685,012,000 after buying an additional 422,519 shares during the period. 88.03% of the stock is currently owned by institutional investors and hedge funds.

About Otis Worldwide

Otis Worldwide Corporation (NYSE: OTIS) designs, manufactures, installs and services elevators, escalators and moving walkways. Its equipment is used in residential, commercial, institutional, transportation and industrial buildings, supporting the movement of people in high-rise and other densely occupied environments.

The company’s offerings include passenger and freight elevators, escalators, moving walkways, destination-dispatch systems and related technologies. Otis also provides maintenance, repair, modernization and replacement services for its own equipment and products made by other manufacturers.