Barclays Lowers Otis Worldwide (NYSE:OTIS) Price Target to $94.00

Otis Worldwide (NYSE:OTISGet Free Report) had its price objective reduced by stock analysts at Barclays from $96.00 to $94.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s price objective indicates a potential downside of 5.47% from the stock’s current price.

Several other brokerages also recently commented on OTIS. Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Morgan Stanley began coverage on Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective for the company. Wells Fargo & Company raised their target price on Otis Worldwide from $95.00 to $108.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Finally, Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $102.00.

Check Out Our Latest Report on Otis Worldwide

Otis Worldwide Stock Performance

Shares of NYSE OTIS opened at $99.44 on Thursday. The business’s 50-day simple moving average is $99.11 and its 200-day simple moving average is $96.89. Otis Worldwide has a 52 week low of $77.51 and a 52 week high of $106.33. The firm has a market cap of $39.83 billion, a price-to-earnings ratio of 24.80 and a beta of 1.03.

Otis Worldwide (NYSE:OTISGet Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.01). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The company had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same quarter last year, the business earned $0.95 EPS. The company’s revenue for the quarter was up .7% on a year-over-year basis. As a group, equities research analysts forecast that Otis Worldwide will post 3.88 earnings per share for the current year.

Institutional Trading of Otis Worldwide

A number of institutional investors and hedge funds have recently modified their holdings of OTIS. Riverview Trust Co bought a new position in Otis Worldwide in the third quarter worth $25,000. Meeder Asset Management Inc. raised its stake in shares of Otis Worldwide by 264.9% in the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after buying an additional 196 shares in the last quarter. Jamison Private Wealth Management Inc. lifted its holdings in shares of Otis Worldwide by 5,720.0% during the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after acquiring an additional 286 shares during the period. Cranbrook Wealth Management LLC boosted its position in shares of Otis Worldwide by 675.7% during the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after acquiring an additional 250 shares in the last quarter. Finally, Northwest Investment Counselors LLC acquired a new position in Otis Worldwide in the third quarter worth about $28,000. 88.03% of the stock is currently owned by institutional investors.

About Otis Worldwide

(Get Free Report)

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.

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Analyst Recommendations for Otis Worldwide (NYSE:OTIS)

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