Otis Worldwide (NYSE:OTIS) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Otis Worldwide (NYSE:OTIS) had its price target increased by Morgan Stanley from $97.00 to $105.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price target suggests a potential upside of 5.24% from the company’s current price.

Several other equities research analysts have also commented on the stock. JPMorgan Chase & Co. increased their price objective on shares of Otis Worldwide from $88.00 to $101.00 and gave the company a “neutral” rating in a research note on Friday, May 16th. Wells Fargo & Company increased their price objective on shares of Otis Worldwide from $95.00 to $100.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 1st. Royal Bank Of Canada decreased their price target on shares of Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating for the company in a research note on Monday, April 28th. Finally, Barclays cut their price objective on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a report on Friday, April 25th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Otis Worldwide has an average rating of “Hold” and a consensus price target of $102.57.

Otis Worldwide Stock Down 0.0%

OTIS traded down $0.01 during trading on Tuesday, reaching $99.77. 498,538 shares of the stock traded hands, compared to its average volume of 2,323,473. The stock has a market capitalization of $39.38 billion, a PE ratio of 26.19 and a beta of 0.98. The stock’s 50-day moving average is $96.82 and its 200 day moving average is $96.86. Otis Worldwide has a 12 month low of $89.70 and a 12 month high of $106.83.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.91 by $0.01. The company had revenue of $3.35 billion for the quarter, compared to analysts’ expectations of $3.41 billion. Otis Worldwide had a net margin of 10.83% and a negative return on equity of 31.72%. The business’s revenue was down 2.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.88 EPS. As a group, equities research analysts anticipate that Otis Worldwide will post 4.04 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Otis Worldwide by 3.5% in the first quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company’s stock worth $4,808,634,000 after purchasing an additional 1,591,450 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Otis Worldwide by 6.7% in the first quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company’s stock worth $3,913,347,000 after purchasing an additional 2,396,134 shares during the period. Geode Capital Management LLC boosted its position in Otis Worldwide by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 11,126,735 shares of the company’s stock valued at $1,031,787,000 after buying an additional 95,035 shares during the period. Franklin Resources Inc. grew its stake in Otis Worldwide by 5.9% in the 4th quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company’s stock worth $720,980,000 after acquiring an additional 435,372 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Otis Worldwide during the fourth quarter worth approximately $649,883,000. Institutional investors own 88.03% of the company’s stock.

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.