Morgan Stanley Raises Otis Worldwide (NYSE:OTIS) Price Target to $105.00

Otis Worldwide (NYSE:OTIS - Get Free Report) had its price objective lifted by research analysts at Morgan Stanley from $97.00 to $105.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Morgan Stanley's target price points to a potential upside of 5.34% from the company's previous close.

Other equities research analysts have also issued reports about the company. Barclays cut their target price on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research report on Friday, April 25th. Royal Bank Of Canada dropped their target price on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, April 28th. Wells Fargo & Company increased their price objective on Otis Worldwide from $95.00 to $100.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 1st. Finally, JPMorgan Chase & Co. raised their price objective on Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, Otis Worldwide has an average rating of "Hold" and a consensus target price of $102.57.

Otis Worldwide Stock Down 0.1%

NYSE OTIS traded down $0.10 during trading on Tuesday, hitting $99.68. The stock had a trading volume of 1,809,351 shares, compared to its average volume of 2,330,640. Otis Worldwide has a twelve month low of $89.70 and a twelve month high of $106.83. The company has a market capitalization of $39.34 billion, a PE ratio of 26.16 and a beta of 0.98. The firm has a 50 day moving average price of $96.82 and a 200 day moving average price of $96.86.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.91 by $0.01. The business had revenue of $3.35 billion during the quarter, compared to analysts' expectations of $3.41 billion. Otis Worldwide had a negative return on equity of 31.72% and a net margin of 10.83%. The company's quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.88 earnings per share. On average, sell-side analysts anticipate that Otis Worldwide will post 4.04 earnings per share for the current year.

Institutional Investors Weigh In On Otis Worldwide

Hedge funds have recently made changes to their positions in the company. Transce3nd LLC bought a new position in Otis Worldwide in the fourth quarter valued at about $25,000. NBC Securities Inc. bought a new position in shares of Otis Worldwide in the first quarter worth about $25,000. Aster Capital Management DIFC Ltd bought a new stake in Otis Worldwide during the 4th quarter valued at $28,000. Wayfinding Financial LLC bought a new position in shares of Otis Worldwide during the first quarter valued at approximately $31,000. Finally, Cheviot Value Management LLC purchased a new stake in shares of Otis Worldwide during the first quarter valued at about $31,000. 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.