Otis Worldwide (NYSE:OTIS) Given New $96.00 Price Target at Barclays

Otis Worldwide (NYSE:OTIS) had its price target increased by Barclays from $90.00 to $96.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Barclays‘s price objective would suggest a potential downside of 8.14% from the company’s previous close.

Several other research analysts also recently issued reports on the stock. Morgan Stanley began coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price on the stock. Wells Fargo & Company lowered their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, July 25th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Seven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Otis Worldwide presently has an average rating of “Hold” and an average price target of $100.86.

Otis Worldwide Trading Up 0.7 %

Shares of NYSE:OTIS traded up $0.74 on Wednesday, hitting $104.51. The company had a trading volume of 934,811 shares, compared to its average volume of 2,115,443. The stock has a market cap of $42.26 billion, a price-to-earnings ratio of 30.14 and a beta of 1.03. The stock has a 50 day moving average price of $94.59 and a 200 day moving average price of $96.13. Otis Worldwide has a 1-year low of $73.32 and a 1-year high of $105.24.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.03. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.74 billion. During the same period in the prior year, the firm earned $0.92 earnings per share. Otis Worldwide’s revenue for the quarter was down 3.2% on a year-over-year basis. Sell-side analysts anticipate that Otis Worldwide will post 3.88 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Otis Worldwide

Several institutional investors and hedge funds have recently added to or reduced their stakes in OTIS. Heritage Wealth Management Inc. purchased a new stake in shares of Otis Worldwide during the 2nd quarter valued at $302,000. Sanctuary Advisors LLC bought a new position in Otis Worldwide in the second quarter worth approximately $2,073,000. Clearbridge Investments LLC boosted its stake in shares of Otis Worldwide by 1.0% in the second quarter. Clearbridge Investments LLC now owns 1,335,162 shares of the company’s stock worth $128,523,000 after acquiring an additional 13,092 shares during the period. Granite Bay Wealth Management LLC bought a new position in Otis Worldwide during the second quarter valued at approximately $3,643,000. Finally, EP Wealth Advisors LLC lifted its stake in shares of Otis Worldwide by 33.5% in the 2nd quarter. EP Wealth Advisors LLC now owns 5,979 shares of the company’s stock valued at $576,000 after purchasing an additional 1,502 shares during the last quarter. 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.