Otis Worldwide (NYSE:OTIS) Coverage Initiated by Analysts at UBS Group

UBS Group assumed coverage on shares of Otis Worldwide (NYSE:OTIS) in a research note issued to investors on Wednesday, Marketbeat.com reports. The brokerage set a “neutral” rating and a $113.00 price target on the stock. UBS Group’s price target points to a potential upside of 13.32% from the company’s current price.

OTIS has been the subject of several other reports. Barclays cut their price target on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Wells Fargo & Company decreased their price target on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Morgan Stanley initiated coverage on Otis Worldwide in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective for the company. Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Eight analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $104.57.

Otis Worldwide Stock Down 0.7 %

Shares of OTIS opened at $99.72 on Wednesday. Otis Worldwide has a 52-week low of $83.21 and a 52-week high of $106.33. The stock has a 50 day moving average price of $100.26 and a 200 day moving average price of $97.23. The company has a market capitalization of $39.83 billion, a price-to-earnings ratio of 24.87 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing the consensus estimate 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 firm had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same period last year, the firm earned $0.95 EPS. The company’s quarterly revenue was up .7% on a year-over-year basis. On average, equities analysts anticipate that Otis Worldwide will post 3.85 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the transaction, the executive vice president now owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.23% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Riverview Trust Co purchased a new position in Otis Worldwide in the 3rd quarter valued at about $25,000. Meeder Asset Management Inc. raised its position in shares of Otis Worldwide by 264.9% in the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after purchasing an additional 196 shares in the last quarter. Jamison Private Wealth Management Inc. boosted its stake in shares of Otis Worldwide by 5,720.0% during the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock valued at $28,000 after buying an additional 286 shares during the last quarter. Cranbrook Wealth Management LLC increased its stake in shares of Otis Worldwide by 675.7% in the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after buying an additional 250 shares during the last quarter. Finally, Northwest Investment Counselors LLC bought a new position in Otis Worldwide during the 3rd quarter valued at $28,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

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.