Otis Worldwide (NYSE:OTIS) Raised to “Hold” at Zacks Research

Otis Worldwide (NYSE:OTIS) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Tuesday,Zacks.com reports.

OTIS has been the topic of several other research reports. Wells Fargo & Company boosted their target price on shares of Otis Worldwide from $93.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Monday, October 6th. Morgan Stanley boosted their target price on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 8th. Barclays dropped their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a research report on Thursday, July 24th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Otis Worldwide in a research report on Monday, July 14th. They set a “hold” rating and a $109.00 target price on the stock. Finally, Wolfe Research set a $109.00 price objective on shares of Otis Worldwide and gave the company an “outperform” rating in a research note on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Otis Worldwide has an average rating of “Hold” and a consensus target price of $104.63.

Otis Worldwide Stock Up 0.7%

OTIS stock opened at $91.42 on Tuesday. The firm has a 50 day moving average of $88.78 and a 200 day moving average of $93.51. The stock has a market capitalization of $35.88 billion, a PE ratio of 24.19, a price-to-earnings-growth ratio of 3.57 and a beta of 1.00. Otis Worldwide has a 52 week low of $84.25 and a 52 week high of $106.83.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.02. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.73 billion. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. Otis Worldwide’s revenue was down .2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.06 EPS. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. On average, equities research analysts expect that Otis Worldwide will post 4.04 earnings per share for the current year.

Hedge Funds Weigh In On Otis Worldwide

Large investors have recently made changes to their positions in the company. Kingswood Wealth Advisors LLC acquired a new position in shares of Otis Worldwide in the 1st quarter valued at $225,000. Sowell Financial Services LLC acquired a new position in shares of Otis Worldwide in the 1st quarter valued at $291,000. CWA Asset Management Group LLC acquired a new position in shares of Otis Worldwide in the 1st quarter valued at $262,000. JPMorgan Chase & Co. lifted its stake in shares of Otis Worldwide by 6.7% in the 1st quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company’s stock valued at $3,913,347,000 after purchasing an additional 2,396,134 shares during the period. Finally, Cambridge Investment Research Advisors Inc. lifted its stake in shares of Otis Worldwide by 1.2% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 31,673 shares of the company’s stock valued at $3,269,000 after purchasing an additional 371 shares during the period. 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.