Otis Worldwide (NYSE:OTIS) Stock Price Expected to Rise, Barclays Analyst Says

Otis Worldwide (NYSE:OTIS - Get Free Report) had its price target lifted by equities researchers at Barclays from $90.00 to $92.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an "underweight" rating on the stock. Barclays's target price indicates a potential downside of 6.70% from the company's previous close.

Several other analysts have also recently weighed in on the stock. Morgan Stanley raised their price objective on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research report on Tuesday. Wells Fargo & Company lifted their target price 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. Royal Bank Of Canada decreased their target price on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a research report on Monday, April 28th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $102.86.

Otis Worldwide Price Performance

NYSE:OTIS traded down $1.08 during trading hours on Wednesday, hitting $98.61. The stock had a trading volume of 518,819 shares, compared to its average volume of 2,323,611. The company has a 50 day simple moving average of $96.91 and a two-hundred day simple moving average of $96.88. Otis Worldwide has a one year low of $89.70 and a one year high of $106.83. The firm has a market capitalization of $38.92 billion, a price-to-earnings ratio of 25.88 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.01. The firm had revenue of $3.35 billion for the quarter, compared to analysts' expectations of $3.41 billion. Otis Worldwide had a net margin of 10.83% and a negative return on equity of 31.72%. The business's quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter last year, the company posted $0.88 EPS. Equities research analysts anticipate that Otis Worldwide will post 4.04 earnings per share for the current year.

Institutional Investors Weigh In On Otis Worldwide

Large investors have recently modified their holdings of the stock. Coldstream Capital Management Inc. increased its stake in Otis Worldwide by 4.2% in the 4th quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company's stock worth $249,000 after buying an additional 109 shares during the period. Montis Financial LLC increased its stake in Otis Worldwide by 5.2% in the 4th quarter. Montis Financial LLC now owns 2,216 shares of the company's stock worth $205,000 after buying an additional 110 shares during the period. Thurston Springer Miller Herd & Titak Inc. increased its stake in Otis Worldwide by 15.3% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 828 shares of the company's stock worth $85,000 after buying an additional 110 shares during the period. AlTi Global Inc. increased its stake in Otis Worldwide by 4.9% in the 4th quarter. AlTi Global Inc. now owns 2,404 shares of the company's stock worth $223,000 after buying an additional 113 shares during the period. Finally, Reynders McVeigh Capital Management LLC increased its stake in Otis Worldwide by 6.9% in the 4th quarter. Reynders McVeigh Capital Management LLC now owns 2,247 shares of the company's stock worth $208,000 after buying an additional 145 shares during the period. 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.

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