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

Otis Worldwide (NYSE:OTIS) had its price objective upped by JPMorgan Chase & Co. from $104.00 to $105.00 in a research note released on Thursday morning, Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other research analysts have also recently weighed in on OTIS. Melius began coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They issued a hold rating for the company. Vertical Research lowered Otis Worldwide from a buy rating to a hold rating in a research note on Tuesday, January 2nd. Argus raised Otis Worldwide from a hold rating to a buy rating and set a $102.00 price objective on the stock in a research note on Thursday, February 22nd. Wells Fargo & Company reduced their price objective on Otis Worldwide from $102.00 to $98.00 and set an equal weight rating on the stock in a research note on Thursday. Finally, Royal Bank of Canada reiterated an outperform rating and set a $100.00 target price on shares of Otis Worldwide in a report on Monday, February 5th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Hold and an average price target of $96.86.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $93.02 on Thursday. The business has a 50 day simple moving average of $96.42 and a 200-day simple moving average of $89.27. The stock has a market capitalization of $37.60 billion, a PE ratio of 26.88 and a beta of 1.01. Otis Worldwide has a 12 month low of $73.32 and a 12 month high of $100.35.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.01. The firm had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.44 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. As a group, equities research analysts anticipate that Otis Worldwide will post 3.87 EPS for the current year.

Otis Worldwide Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 17th will be issued a dividend of $0.39 per share. The ex-dividend date is Thursday, May 16th. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. This represents a $1.56 annualized dividend and a yield of 1.68%. Otis Worldwide’s payout ratio is currently 39.31%.

Insider Transactions at Otis Worldwide

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

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cetera Trust Company N.A acquired a new position in Otis Worldwide during the 4th quarter worth $27,000. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Otis Worldwide during the 4th quarter worth about $28,000. Orion Capital Management LLC acquired a new position in shares of Otis Worldwide during the 3rd quarter worth about $30,000. Pacific Capital Wealth Advisors Inc. acquired a new position in shares of Otis Worldwide during the 4th quarter worth about $35,000. Finally, Accent Capital Management LLC acquired a new position in shares of Otis Worldwide during the 4th quarter worth about $36,000. 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.