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

Otis Worldwide (NYSE:OTIS) had its target price trimmed by JPMorgan Chase & Co. from $112.00 to $108.00 in a report issued on Wednesday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other research analysts also recently issued research reports about the company. Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a report on Thursday, December 12th. Wells Fargo & Company lowered their target price on Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 7th. UBS Group began coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price on the stock. Finally, Barclays lowered their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $103.88.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $92.22 on Wednesday. The company has a market cap of $36.84 billion, a P/E ratio of 23.00 and a beta of 1.06. 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.

Otis Worldwide (NYSE:OTIS) last announced its quarterly 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). The business had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The company’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.95 earnings per share. On average, sell-side analysts anticipate that Otis Worldwide will post 3.86 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide’s payout ratio is 38.90%.

Insiders Place Their Bets

In related news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction dated 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 owns 9,992 shares in the company, valued at approximately $1,009,391.84. This trade represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.23% of the company’s stock.

Institutional Trading of Otis Worldwide

Several institutional investors have recently made changes to their positions in OTIS. Riverview Trust Co bought a new stake in shares of Otis Worldwide in the 3rd quarter valued at approximately $25,000. Northwest Investment Counselors LLC purchased a new position in Otis Worldwide during the 3rd quarter worth $28,000. Ashton Thomas Securities LLC purchased a new position in Otis Worldwide during the 3rd quarter worth $29,000. Fortitude Family Office LLC increased its holdings in Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after purchasing an additional 267 shares during the period. Finally, Capital Performance Advisors LLP purchased a new position in shares of Otis Worldwide in the 3rd quarter valued at $34,000. Hedge funds and other 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.