Otis Worldwide (NYSE:OTIS) Cut to Peer Perform at Wolfe Research

Otis Worldwide (NYSE:OTIS) was downgraded by research analysts at Wolfe Research from an “outperform” rating to a “peer perform” rating in a research report issued to clients and investors on Wednesday,Finviz reports.

Other research analysts also recently issued research reports about the stock. BNP Paribas Exane raised shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective for the company in a research report on Tuesday, December 9th. Weiss Ratings reissued a “hold (c)” rating on shares of Otis Worldwide in a research report on Friday, March 27th. Wells Fargo & Company decreased their price objective on shares of Otis Worldwide from $92.00 to $80.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 1st. Wall Street Zen downgraded shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Finally, New Street Research set a $98.00 price objective on shares of Otis Worldwide in a research report on Friday, January 30th. Two investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Otis Worldwide presently has an average rating of “Hold” and an average target price of $98.78.

Otis Worldwide Trading Down 0.5%

Shares of OTIS stock opened at $77.75 on Wednesday. Otis Worldwide has a 1 year low of $75.27 and a 1 year high of $101.42. The firm’s fifty day moving average price is $85.77 and its two-hundred day moving average price is $88.19. The firm has a market capitalization of $30.22 billion, a P/E ratio of 22.22, a PEG ratio of 2.34 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.03. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The firm had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same period in the previous year, the business earned $0.93 EPS. The company’s revenue was up 3.3% compared to the same quarter last year. As a group, equities research analysts forecast that Otis Worldwide will post 4.04 EPS for the current fiscal year.

Insider Activity at Otis Worldwide

In related news, CAO Michael Patrick Ryan sold 1,182 shares of Otis Worldwide stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $90.06, for a total transaction of $106,450.92. Following the completion of the sale, the chief accounting officer owned 3,504 shares of the company’s stock, valued at approximately $315,570.24. The trade was a 25.22% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Neil Green sold 6,000 shares of Otis Worldwide stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $86.45, for a total transaction of $518,700.00. Following the sale, the executive vice president directly owned 3,773 shares of the company’s stock, valued at $326,175.85. The trade was a 61.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 158,013 shares of company stock worth $14,337,635. 0.23% of the stock is currently owned by corporate insiders.

Institutional Trading of Otis Worldwide

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Hsbc Holdings PLC boosted its holdings in shares of Otis Worldwide by 23.4% during the 4th quarter. Hsbc Holdings PLC now owns 870,045 shares of the company’s stock worth $76,043,000 after buying an additional 164,978 shares during the period. Corient Private Wealth LLC boosted its holdings in shares of Otis Worldwide by 14.2% during the 4th quarter. Corient Private Wealth LLC now owns 149,430 shares of the company’s stock worth $13,055,000 after buying an additional 18,539 shares during the period. Auto Owners Insurance Co boosted its holdings in shares of Otis Worldwide by 8,635.0% during the 4th quarter. Auto Owners Insurance Co now owns 558,429 shares of the company’s stock worth $48,779,000 after buying an additional 552,036 shares during the period. Pure Financial Advisors LLC bought a new stake in shares of Otis Worldwide during the 4th quarter worth about $228,000. Finally, Rehmann Capital Advisory Group boosted its holdings in shares of Otis Worldwide by 6.2% during the 4th quarter. Rehmann Capital Advisory Group now owns 6,656 shares of the company’s stock worth $582,000 after buying an additional 391 shares during the period. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Company Profile

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.