Otis Worldwide (NYSE:OTIS) Price Target Raised to $101.00

Otis Worldwide (NYSE:OTIS) had its price target increased by JPMorgan Chase & Co. from $88.00 to $101.00 in a report released on Friday,Benzinga reports. They currently have a neutral rating on the stock.

Several other brokerages have also weighed in on OTIS. Wells Fargo & Company dropped their price objective on shares of Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, April 24th. Royal Bank of Canada dropped their price target on Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a research note on Monday, April 28th. Finally, Barclays reduced their price objective on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a research note on Friday, April 25th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $100.71.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $98.85 on Friday. Otis Worldwide has a fifty-two week low of $89.70 and a fifty-two week high of $106.83. The stock has a 50 day simple moving average of $98.02 and a two-hundred day simple moving average of $97.60. The company has a market cap of $39.01 billion, a P/E ratio of 24.35 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.01. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. The company had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.41 billion. During the same quarter in the previous year, the business posted $0.88 EPS. Otis Worldwide’s revenue for the quarter was down 2.5% compared to the same quarter last year. On average, research analysts predict that Otis Worldwide will post 4.04 earnings per share for the current year.

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 16th will be given a $0.42 dividend. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.39. The ex-dividend date is Friday, May 16th. This represents a $1.68 annualized dividend and a yield of 1.70%. Otis Worldwide’s dividend payout ratio (DPR) is presently 44.09%.

Insiders Place Their Bets

In other news, insider Montlivault Stephane De sold 6,660 shares of the company’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the sale, the insider now owns 63,931 shares in the company, valued at $6,731,934.30. This represents a 9.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.23% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in OTIS. Resonant Capital Advisors LLC lifted its position in shares of Otis Worldwide by 3.1% during the 4th quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company’s stock worth $320,000 after buying an additional 105 shares in the last quarter. Coldstream Capital Management Inc. increased its position in shares of Otis Worldwide by 4.2% during the fourth quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company’s stock valued at $249,000 after acquiring an additional 109 shares during the last quarter. Montis Financial LLC increased its position in shares of Otis Worldwide by 5.2% during the fourth quarter. Montis Financial LLC now owns 2,216 shares of the company’s stock valued at $205,000 after acquiring an additional 110 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. lifted its holdings in Otis Worldwide by 15.3% during the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 828 shares of the company’s stock worth $85,000 after acquiring an additional 110 shares during the period. Finally, AlTi Global Inc. boosted its position in Otis Worldwide by 4.9% in the fourth quarter. AlTi Global Inc. now owns 2,404 shares of the company’s stock worth $223,000 after purchasing an additional 113 shares during the last quarter. 88.03% of the stock is owned by institutional investors.

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.