Otis Worldwide (NYSE:OTIS) Price Target Lowered to $108.00 at JPMorgan Chase & Co.

Otis Worldwide (NYSE:OTIS) had its target price cut by JPMorgan Chase & Co. from $112.00 to $108.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have a neutral rating on the stock.

Several other equities analysts have also recently issued reports on OTIS. UBS Group assumed coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective for the company. Barclays decreased their price objective on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a report on Wednesday, January 8th. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a report on Thursday, December 12th. Wells Fargo & Company decreased their price objective on Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating for the company in a report on Tuesday, January 7th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $103.88.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $92.22 on Wednesday. Otis Worldwide has a 1-year low of $85.42 and a 1-year high of $106.33. The stock’s fifty day moving average price is $97.23 and its 200 day moving average price is $97.34. The company has a market cap of $36.84 billion, a price-to-earnings ratio of 23.00 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same period in the prior year, the firm posted $0.95 EPS. The business’s revenue was up .7% compared to the same quarter last year. As a group, equities research analysts anticipate that Otis Worldwide will post 3.86 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were paid a dividend of $0.39 per share. The ex-dividend date was Friday, November 15th. This represents a $1.56 annualized dividend and a yield of 1.69%. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.90%.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the sale, the executive vice president now directly owns 9,992 shares in the company, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.23% of the stock is owned by company insiders.

Institutional Investors Weigh In On Otis Worldwide

Large investors have recently made changes to their positions in the stock. Riverview Trust Co purchased a new stake in shares of Otis Worldwide in the third quarter valued at approximately $25,000. Northwest Investment Counselors LLC purchased a new stake in shares of Otis Worldwide in the third quarter valued at approximately $28,000. Ashton Thomas Securities LLC acquired a new position in Otis Worldwide in the third quarter valued at approximately $29,000. Fortitude Family Office LLC lifted its holdings in Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after acquiring an additional 267 shares during the last quarter. Finally, Capital Performance Advisors LLP acquired a new position in Otis Worldwide in the third quarter valued at approximately $34,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Company Profile

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.