JPMorgan Chase & Co. Downgrades Otis Worldwide (NYSE:OTIS) to Neutral

Otis Worldwide (NYSE:OTIS) was downgraded by equities research analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research note issued on Friday, MarketBeat Ratings reports. They currently have a $98.00 target price on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 14.71% from the company’s previous close.

Other equities analysts have also issued research reports about the stock. Wall Street Zen lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a research report on Monday, December 29th. Wells Fargo & Company cut their price objective on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research report on Monday, December 15th. Zacks Research upgraded shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 14th. Finally, BNP Paribas Exane raised Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price on the stock in a research report on Tuesday, December 9th. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $101.44.

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $85.43 on Friday. Otis Worldwide has a 52 week low of $84.00 and a 52 week high of $106.83. The firm has a market capitalization of $33.29 billion, a PE ratio of 24.41, a PEG ratio of 2.53 and a beta of 1.02. The business’s 50-day simple moving average is $88.40 and its 200-day simple moving average is $89.26.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.03. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.The firm had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same quarter last year, the firm posted $0.93 EPS. The company’s revenue was up 3.3% on a year-over-year basis. Research analysts forecast that Otis Worldwide will post 4.04 earnings per share for the current year.

Insider Activity at Otis Worldwide

In related news, CAO Michael Patrick Ryan sold 3,028 shares of the firm’s stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $91.69, for a total transaction of $277,637.32. Following the completion of the transaction, the chief accounting officer owned 2,628 shares in the company, valued at $240,961.32. This trade represents a 53.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.23% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Root Financial Partners LLC bought a new position in shares of Otis Worldwide in the third quarter valued at about $26,000. Camelot Portfolios LLC acquired a new position in shares of Otis Worldwide during the fourth quarter worth approximately $26,000. Stance Capital LLC acquired a new position in shares of Otis Worldwide during the third quarter worth approximately $27,000. Chilton Capital Management LLC bought a new stake in shares of Otis Worldwide during the second quarter valued at approximately $31,000. Finally, Nemes Rush Group LLC increased its holdings in shares of Otis Worldwide by 75.4% in the second quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock valued at $31,000 after purchasing an additional 135 shares in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

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.