Barclays Lowers Otis Worldwide (NYSE:OTIS) Price Target to $94.00

Otis Worldwide (NYSE:OTIS) had its price objective cut by investment analysts at Barclays from $96.00 to $94.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s price target would suggest a potential downside of 5.18% from the company’s previous close.

OTIS has been the subject of a number of other research reports. Morgan Stanley assumed coverage on Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price for the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. Wells Fargo & Company increased their price target on Otis Worldwide from $95.00 to $108.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Finally, Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $102.43.

Otis Worldwide Stock Performance

NYSE:OTIS traded up $0.85 during trading hours on Thursday, reaching $99.13. The stock had a trading volume of 1,104,118 shares, compared to its average volume of 2,105,919. Otis Worldwide has a 52 week low of $76.22 and a 52 week high of $106.33. The company has a 50 day moving average price of $98.92 and a two-hundred day moving average price of $96.86. The stock has a market capitalization of $39.71 billion, a PE ratio of 28.67 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The firm had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same period last year, the firm earned $0.95 earnings per share. The company’s revenue for the quarter was up .7% on a year-over-year basis. Equities research analysts predict that Otis Worldwide will post 3.88 EPS for the current year.

Institutional Trading of Otis Worldwide

Institutional investors and hedge funds have recently made changes to their positions in the company. PineStone Asset Management Inc. boosted its position in Otis Worldwide by 138.3% in the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock valued at $429,717,000 after buying an additional 2,590,780 shares during the last quarter. Van ECK Associates Corp lifted its position in shares of Otis Worldwide by 3,673.6% during the third quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company’s stock worth $232,662,000 after purchasing an additional 2,201,988 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Otis Worldwide by 12.4% during the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock worth $793,945,000 after purchasing an additional 907,972 shares during the last quarter. Sarasin & Partners LLP lifted its position in shares of Otis Worldwide by 27.2% during the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock worth $398,061,000 after purchasing an additional 883,659 shares during the last quarter. Finally, Brown Brothers Harriman & Co. lifted its position in shares of Otis Worldwide by 2,782.3% during the second quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock worth $78,469,000 after purchasing an additional 786,897 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

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.