Otis Worldwide (NYSE: OTIS – Get an Assessment) was upgraded by Barclays investment analysts from a “weighted” rating to an “overweight” rating in a note to investors released on Tuesday, reports The Fly. The brokerage currently has a price target of $82.00 on the stock. Barclays’ target price indicates a potential upside of 11.01% from the current share price.
A number of other research companies have also weighed in on OTIS recently. Cowen cut his price target on Otis Worldwide from $91.00 to $85.00 and set an “outperform” rating for the company in a Tuesday, April 26 report. Credit Suisse Group cut its price target on Otis Worldwide shares from $88.00 to $81.00 and set a “neutral” rating for the company in a Tuesday, April 26 research note. Finally, Cowen lowered his price target on Otis Worldwide shares from $91.00 to $85.00 and set an “outperform” rating on the stock in a Tuesday, April 26 research note. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating for the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $82.56.
NYSE OTIS opened at $73.87 on Tuesday. The company has a market capitalization of $31.23 billion, a price-earnings ratio of 25.38 and a beta of 0.88. Otis Worldwide has a one-year low of $71.07 and a one-year high of $92.84. The company’s 50-day moving average price is $75.31 and its 200-day moving average price is $79.84.
Otis Worldwide (NYSE: OTIS – Get Rating) last reported results on Monday, April 25. The company reported EPS of $0.77 for the quarter, beating consensus analyst estimates of $0.74 by $0.03. Otis Worldwide had a net margin of 8.73% and a negative return on equity of 35.81%. The company posted revenue of $3.41 billion for the quarter, versus a consensus estimate of $3.45 billion. In the same quarter last year, the company posted EPS of $0.72. The company’s revenue for the quarter increased by 0.2% compared to the same quarter last year. As a group, sell-side analysts expect Otis Worldwide to post earnings per share of 3.25 for the current fiscal year.
Several institutional investors and hedge funds have recently changed their holdings in the company. The Manufacturers Life Insurance Company increased its position in Otis Worldwide by 107.5% in the first quarter. The Manufacturers Life Insurance Company now owns 1,269,895 shares of the company worth $97,757,000 after purchasing an additional 657,961 shares during the period. Worldquant Millennium Advisors LLC increased its stake in Otis Worldwide shares by 8.5% in Q1. Worldquant Millennium Advisors LLC now owns 216,920 shares of the company worth $16,692,000 after purchasing an additional 17,048 shares in the last quarter. Walleye Capital LLC acquired a new equity stake in Otis Worldwide in the first quarter valued at $21,459,000. Mirabella Financial Services LLP increased its stake in Otis Worldwide by 202.6% during the first quarter. Mirabella Financial Services LLP now owns 19,991 shares of the company valued at $1,538,000 after purchasing an additional 13,385 shares last quarter. Finally, Lido Advisors LLC increased its stake in Otis Worldwide by 8.3% during the first quarter. Lido Advisors LLC now owns 3,172 shares of the company worth $244,000 after acquiring an additional 242 shares during the period. Institutional investors hold 83.32% of the company’s shares.
Otis Worldwide Company Profile (Get a rating)
Otis Worldwide Corporation manufactures, installs and services elevators and escalators in the United States, China and around the world. 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 walks for residential and commercial buildings and infrastructure projects.
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