Royal Bank of Canada Reaffirms Outperform Rating for Otis Worldwide (NYSE:OTIS)

Otis Worldwide (NYSE:OTIS)‘s stock had its “outperform” rating reiterated by analysts at Royal Bank of Canada in a report released on Thursday, Benzinga reports. They currently have a $110.00 price target on the stock. Royal Bank of Canada’s target price would suggest a potential upside of 16.07% from the company’s previous close.

A number of other research firms have also recently weighed in on OTIS. Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 25th. Morgan Stanley started coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price on the stock. Seven research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Otis Worldwide has an average rating of “Hold” and a consensus price target of $100.00.

Otis Worldwide Stock Performance

Shares of OTIS stock traded up $0.78 during mid-day trading on Thursday, reaching $94.77. 139,400 shares of the company’s stock traded hands, compared to its average volume of 2,039,928. Otis Worldwide has a 12 month low of $73.32 and a 12 month high of $100.84. The firm has a 50 day moving average price of $94.38 and a two-hundred day moving average price of $95.92. The firm has a market capitalization of $38.32 billion, a PE ratio of 27.39 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.74 billion. During the same quarter in the previous year, the firm posted $0.92 EPS. The company’s revenue for the quarter was down 3.2% compared to the same quarter last year. As a group, equities analysts expect that Otis Worldwide will post 3.88 earnings per share for the current fiscal year.

Institutional Trading of Otis Worldwide

Hedge funds have recently bought and sold shares of the stock. Nordea Investment Management AB lifted its stake in Otis Worldwide by 19.6% in the 1st quarter. Nordea Investment Management AB now owns 463,190 shares of the company’s stock worth $46,138,000 after purchasing an additional 75,878 shares in the last quarter. First Eagle Investment Management LLC lifted its stake in Otis Worldwide by 173.7% in the 1st quarter. First Eagle Investment Management LLC now owns 20,048 shares of the company’s stock worth $1,990,000 after purchasing an additional 12,722 shares in the last quarter. CIBC Asset Management Inc lifted its stake in Otis Worldwide by 29.5% in the 4th quarter. CIBC Asset Management Inc now owns 144,536 shares of the company’s stock worth $12,932,000 after purchasing an additional 32,886 shares in the last quarter. Cetera Investment Advisers raised its position in shares of Otis Worldwide by 259.1% during the 1st quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock valued at $4,603,000 after buying an additional 33,457 shares in the last quarter. Finally, Cloverfields Capital Group LP raised its position in shares of Otis Worldwide by 212.2% during the 4th quarter. Cloverfields Capital Group LP now owns 91,737 shares of the company’s stock valued at $8,208,000 after buying an additional 62,350 shares in the last quarter. Hedge funds and other 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.