why Otis Worldwide Corporation [OTIS] is a Good Choice for Investors After New Price Target of $93.47


Otis Worldwide Corporation [NYSE: OTIS] gained 2.32% on the last trading session, reaching $73.65 price per share at the time. The company report on March 1, 2022 that Otis Receives CNMV Approval of Voluntary Public Tender Offer for Remaining Interest in Zardoya Otis.

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Otis Worldwide Corp. (NYSE: OTIS) today announced it has received approval from the Spanish National Securities Exchange Commission (“CNMV”) for the voluntary public tender offer made by its wholly-owned subsidiary Opal Spanish Holdings, S.A. (“OSH”), to acquire the remaining 49.98% interest in Zardoya Otis, S.A. (“ZOSA”) not currently owned by Otis. The price of the offer is 7.07 euros per share in cash. Otis plans to publish the regulatory announcement of the tender in the listing bulletins of the Spanish stock exchanges today. As such, the acceptance period is expected to begin on March 2 and to end on April 1.

The transaction is structured as an all-cash voluntary tender offer. Otis intends to acquire all of the shares it does not currently own of ZOSA through OSH to delist ZOSA from the Madrid, Barcelona, Bilbao and Valencia Stock exchanges. The tender offer is subject in its entirety to the terms set forth in the prospectus, which is available on the CNMV’s website.

Otis Worldwide Corporation represents 425.30 million in outstanding shares, while the company has a total market value of $31.30 billion with the latest information. OTIS stock price has been found in the range of $71.95 to $73.91.

If compared to the average trading volume of 2.84M shares, OTIS reached a trading volume of 4655595 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Otis Worldwide Corporation [OTIS]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for OTIS shares is $93.47 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on OTIS stock is a recommendation set at 2.30. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Wells Fargo have made an estimate for Otis Worldwide Corporation shares, keeping their opinion on the stock as Underweight, with their previous recommendation back on October 08, 2021. While these analysts kept the previous recommendation, RBC Capital Mkts raised their target price to Outperform. The new note on the price target was released on July 07, 2021, representing the official price target for Otis Worldwide Corporation stock. Previously, the target price had yet another raise to $65, while HSBC Securities analysts kept a Hold rating on OTIS stock.

The Average True Range (ATR) for Otis Worldwide Corporation is set at 2.21, with the Price to Sales ratio for OTIS stock in the period of the last 12 months amounting to 2.19. Price to Free Cash Flow for OTIS in the course of the last twelve months was 26.06 with Quick ratio for the last quarter at 1.20.

Trading performance analysis for OTIS stock

Otis Worldwide Corporation [OTIS] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 0.20. With this latest performance, OTIS shares dropped by -7.52% in over the last four-week period, additionally sinking by -18.49% over the last 6 months – not to mention a rise of 8.79% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for OTIS stock in for the last two-week period is set at 38.93, with the RSI for the last a single of trading hit 39.62, and the three-weeks RSI is set at 39.31 for Otis Worldwide Corporation [OTIS]. The present Moving Average for the last 50 days of trading for this stock 80.56, while it was recorded at 73.42 for the last single week of trading, and 83.92 for the last 200 days.

Otis Worldwide Corporation [OTIS]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and Otis Worldwide Corporation [OTIS] shares currently have an operating margin of +15.20 and a Gross Margin at +29.43. Otis Worldwide Corporation’s Net Margin is presently recorded at +8.71.

Otis Worldwide Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.20 and a Current Ratio set at 1.30.

Otis Worldwide Corporation [OTIS]: An earnings per share (EPS) analysis

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for OTIS. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Otis Worldwide Corporation go to 11.68%.

An analysis of insider ownership at Otis Worldwide Corporation [OTIS]

There are presently around $25,585 million, or 85.40% of OTIS stock, in the hands of institutional investors. The top three institutional holders of OTIS stocks are: VANGUARD GROUP INC with ownership of 38,297,402, which is approximately -0.373% of the company’s market cap and around 0.04% of the total institutional ownership; BLACKROCK INC., holding 37,081,287 shares of the stock with an approximate value of $2.67 billion in OTIS stocks shares; and STATE STREET CORP, currently with $1.22 billion in OTIS stock with ownership of nearly 1.753% of the company’s market capitalization.

Positions in Otis Worldwide Corporation stocks held by institutional investors increased at the end of January and at the time of the January reporting period, where 520 institutional holders increased their position in Otis Worldwide Corporation [NYSE:OTIS] by around 21,333,031 shares. Additionally, 563 investors decreased positions by around 25,933,738 shares, while 202 investors held positions by with 308,173,744 shares. The mentioned changes placed institutional holdings at 355,440,513 shares, according to the latest SEC report filing. OTIS stock had 152 new institutional investments in for a total of 4,172,022 shares, while 87 institutional investors sold positions of 4,731,508 shares during the same period.