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

Otis Worldwide (NYSE:OTIS) had its price target lowered by investment analysts at JPMorgan Chase & Co. from $108.00 to $105.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 10.40% from the company’s previous close.

Several other brokerages also recently issued reports on OTIS. Wells Fargo & Company cut their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday. UBS Group initiated coverage on Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target for the company. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a research report on Thursday, December 12th. Finally, Barclays lowered their price objective on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 8th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Otis Worldwide presently has an average rating of “Hold” and a consensus price target of $102.88.

Otis Worldwide Stock Up 0.5 %

Shares of NYSE OTIS traded up $0.46 during trading hours on Thursday, hitting $95.11. The company had a trading volume of 394,362 shares, compared to its average volume of 2,060,007. The stock has a market capitalization of $37.99 billion, a P/E ratio of 23.71 and a beta of 1.06. Otis Worldwide has a 1-year low of $87.57 and a 1-year high of $106.33. The firm’s 50 day moving average is $96.12 and its 200-day moving average is $97.19.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. On average, sell-side analysts predict that Otis Worldwide will post 3.86 earnings per share for the current year.

Otis Worldwide declared that its Board of Directors has approved a share buyback program on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 5.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.23% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. grew its position in Otis Worldwide by 41.0% in the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after acquiring an additional 8,161,946 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Otis Worldwide by 1.4% during the third quarter. Geode Capital Management LLC now owns 11,031,700 shares of the company’s stock valued at $1,146,045,000 after purchasing an additional 152,072 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of Otis Worldwide by 58.3% during the third quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock valued at $774,863,000 after purchasing an additional 2,706,871 shares in the last quarter. Sarasin & Partners LLP boosted its stake in shares of Otis Worldwide by 6.0% during the fourth quarter. Sarasin & Partners LLP now owns 4,053,315 shares of the company’s stock valued at $375,378,000 after purchasing an additional 229,523 shares in the last quarter. Finally, Wellington Management Group LLP boosted its stake in shares of Otis Worldwide by 11.9% during the third quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company’s stock valued at $382,546,000 after purchasing an additional 391,206 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

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.