Otis Worldwide (NYSE:OTIS) Rating Reiterated by Royal Bank of Canada

Otis Worldwide (NYSE:OTIS)‘s stock had its “outperform” rating reissued by analysts at Royal Bank of Canada in a research report issued to clients and investors on Thursday, Benzinga reports. They currently have a $110.00 target price on the stock. Royal Bank of Canada’s price objective would indicate a potential upside of 15.16% from the company’s current price.

A number of other equities research analysts also recently weighed in on OTIS. Morgan Stanley began coverage on Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target for the company. Wells Fargo & Company lowered 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 research note on Thursday, July 25th. Seven analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and a consensus target price of $100.00.

Otis Worldwide Price Performance

OTIS opened at $95.52 on Thursday. Otis Worldwide has a 12-month low of $73.32 and a 12-month high of $100.84. The stock has a market capitalization of $38.26 billion, a PE ratio of 27.61 and a beta of 1.03. The firm’s fifty day moving average price is $94.23 and its 200 day moving average price is $95.92.

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

Hedge Funds Weigh In On Otis Worldwide

Institutional investors have recently modified their holdings of the company. Nordea Investment Management AB grew its holdings in Otis Worldwide by 19.6% in the 1st quarter. Nordea Investment Management AB now owns 463,190 shares of the company’s stock worth $46,138,000 after buying an additional 75,878 shares in the last quarter. First Eagle Investment Management LLC grew its stake in shares of Otis Worldwide by 173.7% in the first quarter. First Eagle Investment Management LLC now owns 20,048 shares of the company’s stock worth $1,990,000 after purchasing an additional 12,722 shares in the last quarter. CIBC Asset Management Inc increased its holdings in shares of Otis Worldwide by 29.5% during the fourth quarter. CIBC Asset Management Inc now owns 144,536 shares of the company’s stock valued at $12,932,000 after purchasing an additional 32,886 shares during the period. Cetera Investment Advisers raised its stake in shares of Otis Worldwide by 259.1% during the first quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock valued at $4,603,000 after purchasing an additional 33,457 shares in the last quarter. Finally, Cloverfields Capital Group LP lifted its holdings in Otis Worldwide by 212.2% in the fourth quarter. Cloverfields Capital Group LP now owns 91,737 shares of the company’s stock worth $8,208,000 after purchasing an additional 62,350 shares during the period. 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.