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

Otis Worldwide (NYSE:OTIS) had its target price dropped by analysts at JPMorgan Chase & Co. from $108.00 to $105.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 10.40% from the stock’s current price.

Other research analysts also recently issued research reports about the stock. Wolfe Research downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a research report on Thursday, December 12th. Wells Fargo & Company reduced their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday. UBS Group started coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target on the stock. Finally, Barclays reduced their price target on shares of 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 assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $102.88.

Otis Worldwide Stock Performance

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

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, January 29th. The company reported $0.93 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%. As a group, sell-side analysts predict that Otis Worldwide will post 3.86 EPS for the current year.

Otis Worldwide declared that its board has initiated a share repurchase plan on Thursday, January 16th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 5.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of the company’s 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 completion of the sale, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at $1,009,391.84. This represents a 47.39 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.23% of the company’s stock.

Institutional Trading of Otis Worldwide

A number of institutional investors and hedge funds have recently modified their holdings of OTIS. M&T Bank Corp increased its stake in Otis Worldwide by 11.2% during the 3rd quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock worth $19,123,000 after purchasing an additional 18,536 shares in the last quarter. Daiwa Securities Group Inc. grew its stake in shares of Otis Worldwide by 11.1% during the 3rd quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock worth $5,111,000 after acquiring an additional 4,918 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Otis Worldwide by 41.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock worth $2,918,223,000 after acquiring an additional 8,161,946 shares in the last quarter. Wilmington Savings Fund Society FSB grew its stake in shares of Otis Worldwide by 297.9% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 13,329 shares of the company’s stock worth $1,385,000 after acquiring an additional 9,979 shares in the last quarter. Finally, Handelsbanken Fonder AB grew its stake in shares of Otis Worldwide by 6.3% during the 3rd quarter. Handelsbanken Fonder AB now owns 228,821 shares of the company’s stock worth $23,784,000 after acquiring an additional 13,602 shares in the last quarter. 88.03% of the stock is owned by institutional investors.

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.