Otis Worldwide (NYSE:OTIS) Price Target Lowered to $88.00 at JPMorgan Chase & Co.

Otis Worldwide (NYSE:OTIS - Free Report) had its target price trimmed by JPMorgan Chase & Co. from $105.00 to $88.00 in a research note released on Tuesday,Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other equities analysts have also issued reports on OTIS. Wolfe Research lowered Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 target price on the stock. in a research report on Thursday, December 12th. Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Thursday, January 30th. Finally, Barclays boosted their target price on shares of Otis Worldwide from $91.00 to $92.00 and gave the stock an "underweight" rating in a research report on Wednesday, March 26th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $100.88.

Otis Worldwide Stock Up 2.8 %

Shares of NYSE OTIS traded up $2.63 during trading on Tuesday, reaching $96.95. 2,941,377 shares of the stock were exchanged, compared to its average volume of 2,189,676. The company has a market capitalization of $38.44 billion, a price-to-earnings ratio of 23.88 and a beta of 1.00. The business's 50-day moving average price is $99.03 and its 200 day moving average price is $98.78. Otis Worldwide has a twelve month low of $89.70 and a twelve month high of $106.83.

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Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing analysts' consensus estimates of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. As a group, sell-side analysts expect that Otis Worldwide will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were issued a $0.39 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.61%. Otis Worldwide's dividend payout ratio is currently 38.42%.

Otis Worldwide announced that its Board of Directors has authorized a share repurchase program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 5.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company's management believes its shares are undervalued.

Insider Buying and Selling

In other news, CEO Judith Fran Marks sold 38,012 shares of the business's stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the completion of the transaction, the chief executive officer now directly owns 245,883 shares in the company, valued at approximately $23,213,814.03. The trade was a 13.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the transaction, the insider now directly owns 63,931 shares of the company's stock, valued at $6,731,934.30. This trade represents a 9.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 112,281 shares of company stock valued at $10,747,553. Insiders own 0.23% of the company's stock.

Institutional Investors Weigh In On Otis Worldwide

Several institutional investors have recently bought and sold shares of the stock. Transce3nd LLC bought a new stake in shares of Otis Worldwide during the 4th quarter worth about $25,000. NBC Securities Inc. acquired a new stake in Otis Worldwide in the first quarter worth approximately $25,000. Aster Capital Management DIFC Ltd bought a new position in Otis Worldwide during the 4th quarter valued at $28,000. Fortitude Family Office LLC boosted its stake in Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock valued at $30,000 after purchasing an additional 267 shares in the last quarter. Finally, Centricity Wealth Management LLC acquired a new position in shares of Otis Worldwide during the 4th quarter valued at $33,000. Institutional investors and hedge funds 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.