Barclays Trims Otis Worldwide (NYSE:OTIS) Target Price to $80.00

Otis Worldwide (NYSE:OTIS – Get Rating) had its price target cut by equities researchers at Barclays from $88.00 to $80.00 in a note issued to investors on Tuesday, The Fly reports. Barclays‘s price target points to a potential upside of 7.24% from the stock’s current price.

Separately, Credit Suisse Group reduced their price objective on shares of Otis Worldwide from $88.00 to $81.00 in a research note on Tuesday. Two research analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. According to MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and a consensus target price of $82.41.

Shares of Otis Worldwide stock opened at $74.60 on Tuesday. The company has a 50-day moving average of $76.21 and a 200 day moving average of $81.03. The firm has a market cap of $31.54 billion, a price-to-earnings ratio of 25.81 and a beta of 0.94. Otis Worldwide has a 1 year low of $71.07 and a 1 year high of $92.84.

Otis Worldwide (NYSE:OTIS – Get Rating) last released its quarterly earnings data on Monday, April 25th. The company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.03. The business had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3.45 billion. Otis Worldwide had a net margin of 8.71% and a negative return on equity of 39.58%. Otis Worldwide’s revenue was up .2% compared to the same quarter last year. During the same period last year, the business earned $0.72 EPS. Equities analysts anticipate that Otis Worldwide will post 3.28 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the company. CVA Family Office LLC boosted its holdings in shares of Otis Worldwide by 483.3% in the fourth quarter. CVA Family Office LLC now owns 315 shares of the company’s stock worth $27,000 after buying an additional 261 shares during the last quarter. Intelligent Financial Strategies purchased a new position in shares of Otis Worldwide in the fourth quarter worth approximately $28,000. Curi Wealth Management LLC purchased a new position in shares of Otis Worldwide in the fourth quarter worth approximately $27,000. Elmwood Wealth Management Inc. purchased a new position in shares of Otis Worldwide in the fourth quarter worth approximately $28,000. Finally, NuWave Investment Management LLC purchased a new position in shares of Otis Worldwide in the first quarter worth approximately $26,000. 81.27% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Company Profile (Get Rating)

Otis Worldwide Corporation manufactures, installs, and services 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.

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