Otis Worldwide (NYSE:OTIS) Given New $105.00 Price Target at Royal Bank Of Canada

Key Points

• Analysts at Royal Bank Of Canada have cut their price target for Otis Worldwide from $108.00 to $105.00, while maintaining an "outperform" rating, suggesting a potential upside of 18.25% from the current price.
• Other investment firms have also adjusted their price targets, with Barclays lowering theirs to $90.00 and Wells Fargo to $93.00, indicating mixed sentiments among analysts regarding the stock.
• Currently, Otis Worldwide has an average rating of "Hold" and is projected to post 4.04 EPS for the current year, reflecting a slight decline in revenue compared to the previous year.

Otis Worldwide (NYSE:OTIS - Get Free Report) had its price objective reduced by analysts at Royal Bank Of Canada from $108.00 to $105.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Royal Bank Of Canada's target price suggests a potential upside of 19.36% from the company's current price.

OTIS has been the subject of a number of other research reports. JPMorgan Chase & Co. cut their price target on shares of Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating for the company in a report on Thursday. Wolfe Research upgraded shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a report on Friday. Morgan Stanley raised their price target on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Wells Fargo & Company cut their price target on shares of Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating for the company in a report on Thursday. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Otis Worldwide in a report on Monday, July 14th. They set a "hold" rating and a $109.00 price target for the company. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat, Otis Worldwide has an average rating of "Hold" and a consensus price target of $102.50.

Otis Worldwide Stock Down 2.0%

Shares of OTIS stock traded down $1.82 during mid-day trading on Monday, hitting $87.97. 4,694,650 shares of the stock were exchanged, compared to its average volume of 2,682,410. Otis Worldwide has a 52-week low of $86.00 and a 52-week high of $106.83. The firm has a fifty day moving average of $96.75 and a 200 day moving average of $97.31. The company has a market cap of $34.72 billion, a PE ratio of 23.27, a price-to-earnings-growth ratio of 4.30 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.02. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.73 billion. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The company's revenue for the quarter was down .2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.06 EPS. Equities analysts predict that Otis Worldwide will post 4.04 EPS for the current year.

Institutional Investors Weigh In On Otis Worldwide

A number of hedge funds and other institutional investors have recently modified their holdings of OTIS. Vanguard Group Inc. raised its stake in Otis Worldwide by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company's stock worth $4,808,634,000 after acquiring an additional 1,591,450 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Otis Worldwide by 6.7% during the 1st quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company's stock worth $3,913,347,000 after acquiring an additional 2,396,134 shares in the last quarter. Geode Capital Management LLC raised its stake in Otis Worldwide by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 11,126,735 shares of the company's stock worth $1,031,787,000 after acquiring an additional 95,035 shares in the last quarter. Franklin Resources Inc. raised its stake in Otis Worldwide by 5.9% during the 4th quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company's stock worth $720,980,000 after acquiring an additional 435,372 shares in the last quarter. Finally, Grantham Mayo Van Otterloo & Co. LLC raised its stake in Otis Worldwide by 1.2% during the 4th quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 5,159,105 shares of the company's stock worth $477,785,000 after acquiring an additional 60,564 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

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.