Otis Worldwide (NYSE:OTIS) Shares Gap Down – Time to Sell?

Shares of Otis Worldwide Co. (NYSE:OTIS) gapped down prior to trading on Wednesday . The stock had previously closed at $101.37, but opened at $97.16. Otis Worldwide shares last traded at $98.18, with a volume of 278,610 shares trading hands.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Morgan Stanley assumed coverage on Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price for the company. Royal Bank of Canada restated an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Barclays upped their target price on Otis Worldwide from $90.00 to $96.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Finally, Wells Fargo & Company upped their target price on Otis Worldwide from $95.00 to $108.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Eight analysts have rated the stock with 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 $102.71.

Otis Worldwide Price Performance

The stock has a market capitalization of $39.64 billion, a PE ratio of 29.30 and a beta of 1.03. The business has a 50 day moving average price of $98.83 and a 200 day moving average price of $96.85.

Institutional Investors Weigh In On Otis Worldwide

A number of institutional investors have recently modified their holdings of the stock. Hancock Whitney Corp grew its stake in shares of Otis Worldwide by 4.6% in the first quarter. Hancock Whitney Corp now owns 2,549 shares of the company’s stock worth $253,000 after acquiring an additional 111 shares during the last quarter. Bleakley Financial Group LLC boosted its position in shares of Otis Worldwide by 1.2% during the first quarter. Bleakley Financial Group LLC now owns 9,726 shares of the company’s stock valued at $965,000 after buying an additional 117 shares during the last quarter. Optas LLC boosted its position in shares of Otis Worldwide by 2.2% during the third quarter. Optas LLC now owns 5,522 shares of the company’s stock valued at $574,000 after buying an additional 118 shares during the last quarter. Brighton Jones LLC boosted its position in shares of Otis Worldwide by 5.0% during the second quarter. Brighton Jones LLC now owns 2,580 shares of the company’s stock valued at $248,000 after buying an additional 124 shares during the last quarter. Finally, Park Avenue Securities LLC boosted its position in shares of Otis Worldwide by 0.9% during the second quarter. Park Avenue Securities LLC now owns 14,931 shares of the company’s stock valued at $1,437,000 after buying an additional 127 shares during the last quarter. 88.03% of the stock is 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.