Otis Worldwide (NYSE:OTIS) Upgraded at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Otis Worldwide (NYSE:OTIS) from a neutral rating to an overweight rating in a report issued on Tuesday morning, Marketbeat Ratings reports. The firm currently has $109.00 price target on the stock, up from their prior price target of $101.00.

Other equities analysts have also issued research reports about the company. Barclays increased their target price on Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 9th. Deutsche Bank Aktiengesellschaft started coverage on Otis Worldwide in a research note on Monday. They set a “hold” rating and a $109.00 target price on the stock. Morgan Stanley increased their target price on Otis Worldwide from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 8th. Royal Bank Of Canada lowered their price objective 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, Wells Fargo & Company raised their price objective on Otis Worldwide from $95.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 1st. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $104.63.

Otis Worldwide Stock Up 0.8%

OTIS stock opened at $101.16 on Tuesday. The business has a 50 day moving average price of $97.33 and a two-hundred day moving average price of $97.17. The company has a market cap of $39.92 billion, a price-to-earnings ratio of 26.55, a P/E/G ratio of 2.72 and a beta of 0.98. Otis Worldwide has a twelve month low of $89.70 and a twelve month high of $106.83.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.91 by $0.01. Otis Worldwide had a negative return on equity of 31.72% and a net margin of 10.83%. The company had revenue of $3.35 billion during the quarter, compared to analysts’ expectations of $3.41 billion. During the same period last year, the firm posted $0.88 earnings per share. The business’s revenue was down 2.5% on a year-over-year basis. On average, equities research analysts anticipate that Otis Worldwide will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 16th were issued a dividend of $0.42 per share. The ex-dividend date was Friday, May 16th. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a yield of 1.66%. Otis Worldwide’s payout ratio is presently 44.09%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in OTIS. Chicago Capital LLC grew its stake in Otis Worldwide by 21.1% in the second quarter. Chicago Capital LLC now owns 16,781 shares of the company’s stock valued at $1,662,000 after acquiring an additional 2,920 shares during the period. Bennett Selby Investments LP grew its stake in Otis Worldwide by 6.0% in the second quarter. Bennett Selby Investments LP now owns 2,301 shares of the company’s stock valued at $228,000 after acquiring an additional 130 shares during the period. Tealwood Asset Management Inc. acquired a new stake in Otis Worldwide in the second quarter valued at approximately $1,569,000. Investment Research & Advisory Group Inc. grew its stake in Otis Worldwide by 5.3% in the second quarter. Investment Research & Advisory Group Inc. now owns 20,918 shares of the company’s stock valued at $2,071,000 after acquiring an additional 1,048 shares during the period. Finally, Investment Advisory Services Inc. TX ADV grew its stake in Otis Worldwide by 6.2% in the second quarter. Investment Advisory Services Inc. TX ADV now owns 5,514 shares of the company’s stock valued at $546,000 after acquiring an additional 320 shares during the period. 88.03% of the stock is owned by institutional investors and hedge funds.

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.