Otis Worldwide (NYSE:OTIS) Given New $105.00 Price Target at JPMorgan Chase & Co.

Otis Worldwide (NYSE:OTIS) had its target price increased by JPMorgan Chase & Co. from $104.00 to $105.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have a neutral rating on the stock.

Several other analysts also recently weighed in on the company. Vertical Research downgraded Otis Worldwide from a buy rating to a hold rating in a research note on Tuesday, January 2nd. UBS Group lifted their price target on Otis Worldwide from $87.00 to $95.00 and gave the company a neutral rating in a research report on Friday, February 16th. Wells Fargo & Company lowered their price target on Otis Worldwide from $102.00 to $98.00 and set an equal weight rating on the stock in a research report on Thursday. Barclays lifted their price target on Otis Worldwide from $85.00 to $90.00 and gave the company an equal weight rating in a research report on Tuesday, April 2nd. Finally, Royal Bank of Canada reiterated an outperform rating and set a $100.00 price target on shares of Otis Worldwide in a research report on Monday, February 5th. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Otis Worldwide currently has a consensus rating of Hold and an average target price of $96.86.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock opened at $92.20 on Thursday. The business’s fifty day moving average price is $96.44 and its two-hundred day moving average price is $89.48. The company has a market capitalization of $37.28 billion, a P/E ratio of 26.65 and a beta of 1.01. Otis Worldwide has a 1-year low of $73.32 and a 1-year high of $100.35.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.01. The firm had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.44 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. On average, research analysts expect that Otis Worldwide will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.69%. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date is Thursday, May 16th. Otis Worldwide’s payout ratio is presently 39.31%.

Insider Buying and Selling

In related news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the transaction, the insider now directly owns 67,274 shares in the company, valued at approximately $6,128,661.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Judith Fran Marks sold 37,312 shares of the firm’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the sale, the chief executive officer now owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the sale, the insider now directly owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. Insiders own 0.23% of the company’s stock.

Institutional Trading of Otis Worldwide

Several hedge funds and other institutional investors have recently modified their holdings of OTIS. AE Wealth Management LLC boosted its position in shares of Otis Worldwide by 15.4% in the third quarter. AE Wealth Management LLC now owns 11,078 shares of the company’s stock worth $890,000 after buying an additional 1,476 shares during the period. Global Retirement Partners LLC boosted its position in shares of Otis Worldwide by 23.4% in the third quarter. Global Retirement Partners LLC now owns 1,174 shares of the company’s stock worth $94,000 after buying an additional 223 shares during the period. Avior Wealth Management LLC boosted its position in shares of Otis Worldwide by 42.3% in the third quarter. Avior Wealth Management LLC now owns 481 shares of the company’s stock worth $39,000 after buying an additional 143 shares during the period. Czech National Bank boosted its position in shares of Otis Worldwide by 47.2% in the third quarter. Czech National Bank now owns 71,965 shares of the company’s stock worth $5,780,000 after buying an additional 23,061 shares during the period. Finally, Asset Management One Co. Ltd. boosted its position in shares of Otis Worldwide by 1.0% in the third quarter. Asset Management One Co. Ltd. now owns 164,066 shares of the company’s stock worth $13,176,000 after buying an additional 1,618 shares during the period. 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.