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

Otis Worldwide (NYSE:OTIS - Free Report) had its price target reduced by JPMorgan Chase & Co. from $112.00 to $108.00 in a research report released on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

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

Otis Worldwide Stock Performance

Otis Worldwide stock traded up $0.44 during mid-day trading on Wednesday, reaching $92.22. The company's stock had a trading volume of 1,772,966 shares, compared to its average volume of 2,033,641. The business's 50 day simple moving average is $97.23 and its 200 day simple moving average is $97.34. Otis Worldwide has a 12 month low of $85.42 and a 12 month high of $106.33. The company has a market capitalization of $36.84 billion, a price-to-earnings ratio of 23.00 and a beta of 1.06.

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

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were given a dividend of $0.39 per share. The ex-dividend date of this dividend 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 presently 38.90%.

Insider Activity

In other news, EVP Abbe Luersman sold 9,000 shares of the business's stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the sale, the executive vice president now owns 9,992 shares of the company's stock, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.23% of the stock is owned by company insiders.

Institutional Trading of Otis Worldwide

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP raised its holdings in Otis Worldwide by 4.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,523,091 shares of the company's stock valued at $242,873,000 after acquiring an additional 101,955 shares in the last quarter. Moors & Cabot Inc. increased its position in shares of Otis Worldwide by 7.7% in the second quarter. Moors & Cabot Inc. now owns 4,972 shares of the company's stock worth $479,000 after purchasing an additional 357 shares during the period. Argent Trust Co raised its stake in Otis Worldwide by 11.0% in the second quarter. Argent Trust Co now owns 13,505 shares of the company's stock valued at $1,300,000 after purchasing an additional 1,338 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its position in Otis Worldwide by 2.3% during the second quarter. Mercer Global Advisors Inc. ADV now owns 45,432 shares of the company's stock worth $4,358,000 after purchasing an additional 1,014 shares during the period. Finally, Meiji Yasuda Asset Management Co Ltd. grew its stake in Otis Worldwide by 7.6% during the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 6,411 shares of the company's stock worth $617,000 after buying an additional 453 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

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.