Barclays Boosts Otis Worldwide (NYSE:OTIS) Price Target to $96.00

Otis Worldwide (NYSE:OTIS - Get Free Report) had its price target increased by equities research analysts at Barclays from $90.00 to $96.00 in a report released on Wednesday, Benzinga reports. The firm presently has an "equal weight" rating on the stock. Barclays's target price would indicate a potential downside of 8.41% from the stock's previous close.

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

Otis Worldwide Stock Up 1.0 %

Shares of NYSE:OTIS traded up $1.04 during trading on Wednesday, hitting $104.81. 2,766,278 shares of the company traded hands, compared to its average volume of 2,125,085. The stock has a market capitalization of $42.38 billion, a price-to-earnings ratio of 30.29 and a beta of 1.03. The business's fifty day moving average is $94.86 and its 200-day moving average is $96.19. Otis Worldwide has a one year low of $73.32 and a one year high of $105.24.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, beating analysts' consensus estimates of $1.03 by $0.03. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The firm's quarterly revenue was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.92 EPS. On average, analysts forecast that Otis Worldwide will post 3.88 EPS for the current year.

Institutional Trading of Otis Worldwide

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Otis Worldwide by 14.8% in the fourth quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company's stock valued at $4,095,342,000 after buying an additional 5,913,933 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in Otis Worldwide by 12.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company's stock valued at $793,945,000 after purchasing an additional 907,972 shares in the last quarter. PineStone Asset Management Inc. raised its stake in shares of Otis Worldwide by 138.3% during the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company's stock worth $429,717,000 after purchasing an additional 2,590,780 shares in the last quarter. Sarasin & Partners LLP lifted its holdings in shares of Otis Worldwide by 27.2% during the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company's stock valued at $398,061,000 after buying an additional 883,659 shares during the last quarter. Finally, Legal & General Group Plc increased its holdings in Otis Worldwide by 0.4% in the second quarter. Legal & General Group Plc now owns 3,660,401 shares of the company's stock worth $352,351,000 after buying an additional 15,021 shares during the last quarter. 88.03% of the stock is 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.