Otis Worldwide (NYSE:OTIS) Coverage Initiated at Melius

Melius assumed coverage on shares of Otis Worldwide (NYSE:OTIS) in a research note issued to investors on Tuesday, MarketBeat reports. The firm set a “hold” rating on the stock.

OTIS has been the subject of a number of other reports. UBS Group boosted their price objective on Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, February 16th. Royal Bank of Canada reiterated an “outperform” rating and set a $100.00 price objective on shares of Otis Worldwide in a research note on Monday, February 5th. Wells Fargo & Company cut their price objective on Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, February 1st. Vertical Research downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. Finally, Argus upgraded Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective for the company in a research note on Thursday, February 22nd. Seven analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $94.29.

Otis Worldwide Stock Up 0.5 %

Otis Worldwide stock opened at $98.25 on Tuesday. The business has a 50-day simple moving average of $94.53 and a two-hundred day simple moving average of $87.54. The company has a market cap of $39.84 billion, a P/E ratio of 28.98 and a beta of 1.01. Otis Worldwide has a 52-week low of $73.32 and a 52-week high of $100.35.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, January 31st. The company reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.02. The business had revenue of $3.62 billion during the quarter, compared to the consensus estimate of $3.57 billion. Otis Worldwide had a negative return on equity of 30.75% and a net margin of 9.90%. During the same period in the previous year, the company posted $0.75 EPS. Research analysts anticipate that Otis Worldwide will post 3.87 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Montlivault Stephane De sold 18,393 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the sale, the insider now directly owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Montlivault Stephane De sold 18,393 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the sale, the insider now directly owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Judith Fran Marks sold 37,312 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total value of $3,426,360.96. Following the sale, the chief executive officer now directly owns 192,319 shares in the company, valued at $17,660,653.77. The disclosure for this sale can be found here. 0.15% of the stock is currently owned by corporate insiders.

Institutional Trading of Otis Worldwide

Several hedge funds have recently modified their holdings of the company. Canandaigua National Bank & Trust Co. raised its holdings in Otis Worldwide by 0.6% during the 1st quarter. Canandaigua National Bank & Trust Co. now owns 27,915 shares of the company’s stock valued at $2,771,000 after buying an additional 156 shares during the period. Nomura Holdings Inc. purchased a new stake in Otis Worldwide during the 4th quarter valued at $4,569,000. HighPoint Advisor Group LLC purchased a new stake in Otis Worldwide during the 4th quarter valued at $957,000. Quadrature Capital Ltd raised its holdings in Otis Worldwide by 49.5% during the 4th quarter. Quadrature Capital Ltd now owns 12,728 shares of the company’s stock valued at $1,139,000 after buying an additional 4,216 shares during the period. Finally, Accent Capital Management LLC purchased a new stake in Otis Worldwide during the 4th quarter valued at $36,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

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.