Otis Worldwide (NYSE:OTIS) Price Target Raised to $105.00

Otis Worldwide (NYSE:OTIS) had its price target hoisted by research analysts at JPMorgan Chase & Co. from $104.00 to $105.00 in a report released on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 12.52% from the stock’s previous close.

OTIS has been the subject of several other research reports. Royal Bank of Canada reissued an “outperform” rating and set a $100.00 target price on shares of Otis Worldwide in a research note on Monday, February 5th. Melius began coverage on Otis Worldwide in a report on Tuesday, April 2nd. They set a “hold” rating on the stock. Wells Fargo & Company reduced their price target on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a report on Thursday. UBS Group boosted their price target on Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, February 16th. Finally, Vertical Research cut Otis Worldwide from a “buy” rating to a “hold” rating in a report on Tuesday, January 2nd. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $96.86.

Otis Worldwide Trading Down 0.1 %

NYSE OTIS traded down $0.05 during trading on Thursday, hitting $93.32. 857,591 shares of the company’s stock were exchanged, compared to its average volume of 2,015,679. The company has a market cap of $37.72 billion, a PE ratio of 27.48 and a beta of 1.01. Otis Worldwide has a fifty-two week low of $73.32 and a fifty-two week high of $100.35. The stock’s 50 day moving average price is $96.41 and its two-hundred day moving average price is $89.24.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, April 24th. The company reported $0.88 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 the consensus estimate of $3.44 billion. Otis Worldwide had a negative return on equity of 30.75% and a net margin of 9.90%. Analysts forecast that Otis Worldwide will post 3.87 earnings per share for the current fiscal year.

Insider Activity at Otis Worldwide

In related news, CEO Judith Fran Marks sold 37,312 shares of the company’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 value of $3,426,360.96. Following the sale, the chief executive officer now directly owns 192,319 shares in the company, valued at $17,660,653.77. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the 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 transaction, the chief executive officer now directly owns 192,319 shares in the company, valued at approximately $17,660,653.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Montlivault Stephane De sold 18,393 shares of the 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 transaction, the insider now owns 67,274 shares in the company, valued at $6,128,661.40. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Otis Worldwide

A number of institutional investors and hedge funds have recently modified their holdings of the business. Meiji Yasuda Asset Management Co Ltd. raised its position in shares of Otis Worldwide by 54.5% during the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 6,772 shares of the company’s stock worth $544,000 after purchasing an additional 2,390 shares during the period. International Assets Investment Management LLC raised its position in shares of Otis Worldwide by 13,638.0% during the fourth quarter. International Assets Investment Management LLC now owns 151,667 shares of the company’s stock worth $13,570,000 after purchasing an additional 150,563 shares during the period. SG Americas Securities LLC raised its position in shares of Otis Worldwide by 176.4% during the fourth quarter. SG Americas Securities LLC now owns 115,993 shares of the company’s stock worth $10,378,000 after purchasing an additional 74,030 shares during the period. Smith Salley & Associates acquired a new position in shares of Otis Worldwide during the fourth quarter worth approximately $1,113,000. Finally, Assenagon Asset Management S.A. raised its position in shares of Otis Worldwide by 29.1% during the fourth quarter. Assenagon Asset Management S.A. now owns 135,428 shares of the company’s stock worth $12,117,000 after purchasing an additional 30,530 shares during the period. 88.03% of the stock is currently 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.