UBS Group Begins Coverage on Otis Worldwide (NYSE:OTIS)

Investment analysts at UBS Group started coverage on shares of Otis Worldwide (NYSE:OTIS) in a report released on Wednesday. The firm set a “neutral” rating and a $113.00 price target on the stock. UBS Group’s price target would indicate a potential upside of 12.77% from the company’s current price.

A number of other equities analysts have also issued reports on OTIS. Morgan Stanley began coverage on Otis Worldwide in a research note on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target for the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a research note on Thursday, September 19th. Wells Fargo & Company decreased their price target on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Barclays decreased their price target on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Finally, Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and an average target price of $104.57.

Otis Worldwide Stock Up 0.5 %

Shares of NYSE:OTIS traded up $0.47 during trading on Wednesday, hitting $100.20. 166,714 shares of the company traded hands, compared to its average volume of 2,106,744. Otis Worldwide has a one year low of $82.43 and a one year high of $106.33. The stock has a market capitalization of $40.03 billion, a price-to-earnings ratio of 24.99 and a beta of 1.04. The business’s fifty day moving average is $99.99 and its 200-day moving average is $97.19.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The business had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same period last year, the company earned $0.95 earnings per share. The business’s quarterly revenue was up .7% compared to the same quarter last year. On average, analysts forecast that Otis Worldwide will post 3.85 EPS for the current year.

Insider Activity

In other news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the sale, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.23% of the company’s stock.

Institutional Trading of Otis Worldwide

A number of hedge funds have recently modified their holdings of the business. Massachusetts Financial Services Co. MA increased its stake in shares of Otis Worldwide by 12.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock worth $793,945,000 after acquiring an additional 907,972 shares during the last quarter. PineStone Asset Management Inc. increased its stake in shares of Otis Worldwide by 138.3% in the second quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock worth $429,717,000 after acquiring an additional 2,590,780 shares during the last quarter. Sarasin & Partners LLP increased its stake in shares of Otis Worldwide by 27.2% in the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock worth $398,061,000 after acquiring an additional 883,659 shares during the last quarter. Legal & General Group Plc increased its stake in shares of Otis Worldwide by 0.4% in the second quarter. Legal & General Group Plc now owns 3,660,401 shares of the company’s stock worth $352,351,000 after acquiring an additional 15,021 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Otis Worldwide by 4.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,523,091 shares of the company’s stock worth $242,873,000 after acquiring an additional 101,955 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

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.