Otis Worldwide (NYSE:OTIS) Raised to “Buy” at Wall Street Zen

Otis Worldwide (NYSE:OTIS) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Saturday.

A number of other research firms have also weighed in on OTIS. Zacks Research raised Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. BNP Paribas Exane upgraded 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. Barclays upped their target price on shares of Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a report on Thursday, October 30th. JPMorgan Chase & Co. increased their target price on shares of Otis Worldwide from $105.00 to $111.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 15th. Finally, Wells Fargo & Company boosted their price target on shares of Otis Worldwide from $93.00 to $95.00 and gave the company an “equal weight” rating in a research report on Monday, October 6th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $103.88.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $88.13 on Friday. The stock has a market capitalization of $34.35 billion, a price-to-earnings ratio of 26.00, a PEG ratio of 3.36 and a beta of 1.01. The company’s fifty day simple moving average is $89.68 and its two-hundred day simple moving average is $91.28. Otis Worldwide has a 1 year low of $84.25 and a 1 year high of $106.83.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, October 29th. The company reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.05. Otis Worldwide had a negative return on equity of 30.67% and a net margin of 9.41%.The firm had revenue of $3.69 billion during the quarter, compared to analyst estimates of $3.65 billion. During the same period last year, the company earned $0.96 earnings per share. The business’s revenue for the quarter was up 4.0% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. Equities research analysts anticipate that Otis Worldwide will post 4.04 EPS for the current year.

Insider Buying and Selling

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 3,028 shares of the firm’s stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $91.69, for a total transaction of $277,637.32. Following the sale, the chief accounting officer owned 2,628 shares in the company, valued at $240,961.32. This trade represents a 53.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.23% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Otis Worldwide

A number of large investors have recently added to or reduced their stakes in OTIS. Root Financial Partners LLC bought a new stake in shares of Otis Worldwide in the third quarter worth about $26,000. Stance Capital LLC bought a new stake in shares of Otis Worldwide in the 3rd quarter worth approximately $27,000. Chilton Capital Management LLC purchased a new position in shares of Otis Worldwide during the second quarter valued at approximately $31,000. Nemes Rush Group LLC raised its holdings in shares of Otis Worldwide by 75.4% during the second quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock valued at $31,000 after acquiring an additional 135 shares in the last quarter. Finally, Rakuten Investment Management Inc. purchased a new stake in Otis Worldwide in the third quarter worth $31,000. Hedge funds and other institutional investors 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.