Otis Worldwide (NYSE:OTIS – Get Rating) was downgraded by equities researchers at Barclays from an "overweight" rating to an "equal weight" rating in a research report issued to clients and investors on Thursday, MarketBeat reports. They presently have a $80.00 target price on the stock. Barclays's price target would indicate a potential upside of 0.31% from the company's previous close.
OTIS has been the subject of several other research reports. Argus downgraded Otis Worldwide from a "buy" rating to a "hold" rating in a research note on Monday, November 7th. Credit Suisse Group boosted their target price on shares of Otis Worldwide from $73.00 to $76.00 and gave the company a "neutral" rating in a research note on Thursday, October 27th. Finally, Wells Fargo & Company cut their target price on shares of Otis Worldwide from $70.00 to $65.00 and set an "underweight" rating for the company in a research note on Thursday, October 27th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $77.00.
Get Otis Worldwide alerts:Otis Worldwide Stock Up 1.2 %
NYSE:OTIS opened at $79.75 on Thursday. The company has a market capitalization of $33.22 billion, a PE ratio of 27.41 and a beta of 1.00. Otis Worldwide has a 52-week low of $62.49 and a 52-week high of $88.22. The stock has a fifty day simple moving average of $71.11 and a 200-day simple moving average of $72.56.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Otis Worldwide by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 39,694,622 shares of the company's stock valued at $2,532,517,000 after acquiring an additional 123,746 shares during the last quarter. Fiera Capital Corp grew its holdings in shares of Otis Worldwide by 3.6% during the 2nd quarter. Fiera Capital Corp now owns 10,382,608 shares of the company's stock worth $733,739,000 after purchasing an additional 357,384 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Otis Worldwide by 9.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,283,071 shares of the company's stock worth $444,028,000 after purchasing an additional 543,143 shares during the period. Boston Partners grew its holdings in shares of Otis Worldwide by 44.3% during the 3rd quarter. Boston Partners now owns 6,150,062 shares of the company's stock worth $393,646,000 after purchasing an additional 1,887,275 shares during the period. Finally, Wellington Management Group LLP grew its holdings in shares of Otis Worldwide by 54.3% during the 1st quarter. Wellington Management Group LLP now owns 4,221,665 shares of the company's stock worth $324,857,000 after purchasing an additional 1,484,963 shares during the period. Institutional investors and hedge funds own 83.16% of the company's stock.About Otis Worldwide
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Otis Worldwide Corporation manufactures, installs, and services 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.
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