Otis Worldwide (NYSE:OTIS) Price Target Cut to $90.00 by Analysts at Barclays

Otis Worldwide (NYSE:OTIS - Get Free Report) had its price target decreased by analysts at Barclays from $92.00 to $90.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an "underweight" rating on the stock. Barclays's price objective would indicate a potential upside of 1.39% from the stock's current price.

OTIS has been the topic of several other research reports. Royal Bank Of Canada reduced their price target on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a research note on Monday, April 28th. Morgan Stanley increased their target price on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft started coverage on shares of Otis Worldwide in a research note on Monday, July 14th. They set a "hold" rating and a $109.00 target price for the company. JPMorgan Chase & Co. raised shares of Otis Worldwide from a "neutral" rating to an "overweight" rating and increased their price target for the stock from $101.00 to $109.00 in a research report on Tuesday, July 15th. Finally, Wells Fargo & Company increased their price target on shares of Otis Worldwide from $95.00 to $100.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 1st. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $102.50.

Otis Worldwide Price Performance

NYSE:OTIS traded up $0.28 during mid-day trading on Thursday, hitting $88.77. 1,783,061 shares of the company's stock were exchanged, compared to its average volume of 2,592,093. The business has a fifty day moving average price of $97.32 and a 200 day moving average price of $97.28. The company has a market cap of $35.03 billion, a PE ratio of 23.29, a P/E/G ratio of 2.72 and a beta of 0.98. Otis Worldwide has a one year low of $86.00 and a one year high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, topping analysts' consensus estimates of $1.03 by $0.02. Otis Worldwide had a net margin of 10.83% and a negative return on equity of 31.72%. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.73 billion. During the same period in the prior year, the business posted $1.06 earnings per share. The company's revenue was down .2% on a year-over-year basis. On average, equities analysts forecast that Otis Worldwide will post 4.04 EPS for the current fiscal year.

Institutional Investors Weigh In On Otis Worldwide

Several hedge funds have recently modified their holdings of the stock. MSH Capital Advisors LLC increased its holdings in shares of Otis Worldwide by 5.4% during the 2nd quarter. MSH Capital Advisors LLC now owns 2,362 shares of the company's stock valued at $234,000 after acquiring an additional 122 shares during the last quarter. Maryland State Retirement & Pension System grew its position in Otis Worldwide by 2.9% during the second quarter. Maryland State Retirement & Pension System now owns 19,207 shares of the company's stock worth $1,902,000 after buying an additional 549 shares in the last quarter. Shell Asset Management Co. lifted its stake in Otis Worldwide by 121.7% during the second quarter. Shell Asset Management Co. now owns 19,370 shares of the company's stock worth $1,918,000 after purchasing an additional 10,633 shares during the last quarter. Roundview Capital LLC lifted its stake in Otis Worldwide by 2.2% during the second quarter. Roundview Capital LLC now owns 29,996 shares of the company's stock worth $2,970,000 after purchasing an additional 638 shares during the last quarter. Finally, KLP Kapitalforvaltning AS lifted its stake in Otis Worldwide by 0.5% during the second quarter. KLP Kapitalforvaltning AS now owns 225,342 shares of the company's stock worth $22,313,000 after purchasing an additional 1,100 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

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.

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