Otis Worldwide (NYSE:OTIS) Price Target Increased to $96.00 by Analysts at Barclays

Otis Worldwide (NYSE:OTIS) had its price objective boosted by stock analysts at Barclays from $90.00 to $96.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s target price would indicate a potential downside of 8.14% from the company’s current price.

Other research analysts have also recently issued research reports about the company. Wells Fargo & Company reduced their target price on 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 began coverage on Otis Worldwide in a research note on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price for the company. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. Seven research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $100.86.

Otis Worldwide Stock Performance

Shares of NYSE OTIS traded up $0.74 during trading on Wednesday, reaching $104.51. The stock had a trading volume of 934,811 shares, compared to its average volume of 2,115,443. Otis Worldwide has a fifty-two week low of $73.32 and a fifty-two week high of $105.24. The company has a market cap of $42.26 billion, a P/E ratio of 30.14 and a beta of 1.03. The business’s 50-day moving average price is $94.59 and its 200-day moving average price is $96.13.

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

Institutional Trading of Otis Worldwide

Several institutional investors have recently added to or reduced their stakes in OTIS. Cambridge Investment Research Advisors Inc. lifted its stake in shares of Otis Worldwide by 0.3% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 32,048 shares of the company’s stock valued at $3,181,000 after buying an additional 110 shares in the last quarter. Hancock Whitney Corp grew its position in Otis Worldwide by 4.6% during the 1st quarter. Hancock Whitney Corp now owns 2,549 shares of the company’s stock valued at $253,000 after purchasing an additional 111 shares during the last quarter. Bleakley Financial Group LLC raised its position in Otis Worldwide by 1.2% in the 1st quarter. Bleakley Financial Group LLC now owns 9,726 shares of the company’s stock worth $965,000 after buying an additional 117 shares during the last quarter. Massmutual Trust Co. FSB ADV lifted its holdings in Otis Worldwide by 7.1% in the first quarter. Massmutual Trust Co. FSB ADV now owns 1,867 shares of the company’s stock valued at $185,000 after acquiring an additional 124 shares during the period. Finally, Brighton Jones LLC increased its position in Otis Worldwide by 5.0% in the second quarter. Brighton Jones LLC now owns 2,580 shares of the company’s stock worth $248,000 after buying an additional 124 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

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.