Royal Bank of Canada Reaffirms Outperform Rating for Otis Worldwide (NYSE:OTIS)

Otis Worldwide (NYSE:OTIS)‘s stock had its “outperform” rating restated by stock analysts at Royal Bank of Canada in a report issued on Thursday, Benzinga reports. They currently have a $110.00 price objective on the stock. Royal Bank of Canada’s target price would indicate a potential upside of 16.07% from the company’s current price.

OTIS has been the topic of several other reports. Wells Fargo & Company cut their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, July 25th. Morgan Stanley initiated coverage on shares of Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target on the stock. Seven analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $100.00.

Otis Worldwide Price Performance

Shares of NYSE OTIS traded up $0.78 during mid-day trading on Thursday, hitting $94.77. 139,400 shares of the company’s stock traded hands, compared to its average volume of 2,039,928. The company’s 50-day moving average is $94.38 and its two-hundred day moving average is $95.92. The company has a market capitalization of $38.32 billion, a P/E ratio of 27.39 and a beta of 1.03. Otis Worldwide has a 1 year low of $73.32 and a 1 year high of $100.84.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 EPS for the quarter, beating the consensus estimate of $1.03 by $0.03. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.74 billion. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The firm’s revenue was down 3.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.92 EPS. Equities analysts anticipate that Otis Worldwide will post 3.88 EPS for the current fiscal year.

Institutional Investors Weigh In On Otis Worldwide

Several hedge funds have recently modified their holdings of OTIS. Wells Fargo & Company MN lifted its position in shares of Otis Worldwide by 0.8% in the 4th quarter. Wells Fargo & Company MN now owns 626,857 shares of the company’s stock worth $56,085,000 after purchasing an additional 4,979 shares during the period. EverSource Wealth Advisors LLC lifted its position in shares of Otis Worldwide by 23.4% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,603 shares of the company’s stock worth $233,000 after purchasing an additional 493 shares during the period. WBI Investments LLC purchased a new stake in shares of Otis Worldwide in the 4th quarter worth approximately $207,000. TCW Group Inc. lifted its position in shares of Otis Worldwide by 11.0% in the 4th quarter. TCW Group Inc. now owns 48,593 shares of the company’s stock worth $4,349,000 after purchasing an additional 4,822 shares during the period. Finally, Avantax Planning Partners Inc. purchased a new stake in shares of Otis Worldwide in the 4th quarter worth approximately $251,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

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.