JPMorgan Chase & Co. Increases Otis Worldwide (NYSE:OTIS) Price Target to $116.00

Otis Worldwide (NYSE:OTIS) had its price objective boosted by equities research analysts at JPMorgan Chase & Co. from $111.00 to $116.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 28.64% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Barclays raised their target price on shares of Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a report on Thursday, October 30th. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research note on Monday, December 15th. BNP Paribas upgraded Otis Worldwide from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 9th. Finally, Wolfe Research set a $109.00 price target on Otis Worldwide and gave the stock an “outperform” rating in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $104.13.

Otis Worldwide Trading Down 0.2%

Shares of NYSE OTIS opened at $90.17 on Friday. The stock has a market cap of $35.14 billion, a P/E ratio of 26.60, a PEG ratio of 2.65 and a beta of 1.02. The business’s fifty day simple moving average is $88.33 and its 200-day simple moving average is $90.00. Otis Worldwide has a 12-month low of $84.25 and a 12-month high of $106.83.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, October 29th. The company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.05. The company had revenue of $3.69 billion for the quarter, compared to the consensus estimate of $3.65 billion. Otis Worldwide had a negative return on equity of 30.67% and a net margin of 9.41%.Otis Worldwide’s revenue was up 4.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.96 EPS. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. On average, equities analysts forecast that Otis Worldwide will post 4.04 EPS for the current fiscal year.

Insider Activity

In other news, CAO Michael Patrick Ryan sold 3,028 shares of Otis Worldwide stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $91.69, for a total transaction of $277,637.32. Following the sale, the chief accounting officer owned 2,628 shares in the company, valued at approximately $240,961.32. The trade was a 53.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.23% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Louisbourg Investments Inc. grew its position in shares of Otis Worldwide by 29.0% during the fourth quarter. Louisbourg Investments Inc. now owns 76,277 shares of the company’s stock worth $6,663,000 after acquiring an additional 17,146 shares during the last quarter. Bank Pictet & Cie Europe AG boosted its stake in Otis Worldwide by 2.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 15,611 shares of the company’s stock worth $1,364,000 after purchasing an additional 415 shares during the period. Compagnie Lombard Odier SCmA acquired a new position in Otis Worldwide in the fourth quarter valued at $198,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its stake in Otis Worldwide by 159.6% in the fourth quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 5,933 shares of the company’s stock valued at $518,000 after purchasing an additional 3,648 shares during the period. Finally, Scharf Investments LLC raised its holdings in shares of Otis Worldwide by 43.0% in the fourth quarter. Scharf Investments LLC now owns 1,145,040 shares of the company’s stock valued at $100,020,000 after buying an additional 344,439 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Company Profile

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.