Otis Worldwide (NYSE:OTIS) Price Target Raised to $116.00 at JPMorgan Chase & Co.

Otis Worldwide (NYSE:OTIS) had its target price lifted by JPMorgan Chase & Co. from $111.00 to $116.00 in a research report report published on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

OTIS has been the topic of a number of other reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. Wolfe Research set a $109.00 price target on Otis Worldwide and gave the company an “outperform” rating in a research report on Wednesday, October 8th. Wall Street Zen downgraded shares of Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. 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. Finally, BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price on the stock in a research note on Tuesday, December 9th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $104.13.

Otis Worldwide Stock Down 0.2%

NYSE OTIS opened at $90.17 on Friday. The firm has a market cap of $35.14 billion, a P/E ratio of 26.60, a price-to-earnings-growth ratio of 2.66 and a beta of 1.02. The company’s 50 day moving average is $88.33 and its 200-day moving average is $90.07. Otis Worldwide has a 12-month low of $84.25 and a 12-month high of $106.83.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, October 29th. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $1.00 by $0.05. Otis Worldwide had a net margin of 9.41% and a negative return on equity of 30.67%. The company had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $3.65 billion. During the same period last year, the firm earned $0.96 EPS. Otis Worldwide’s revenue for the quarter was up 4.0% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. Equities analysts expect that Otis Worldwide will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 5th. Shareholders of record on Friday, November 14th were given a dividend of $0.42 per share. The ex-dividend date was Friday, November 14th. This represents a $1.68 annualized dividend and a yield of 1.9%. Otis Worldwide’s payout ratio is presently 49.56%.

Insider Buying and Selling

In other news, CAO Michael Patrick Ryan sold 3,028 shares of Otis Worldwide stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $91.69, for a total transaction of $277,637.32. Following the completion of the sale, the chief accounting officer directly owned 2,628 shares of the company’s stock, valued at approximately $240,961.32. The trade was a 53.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.23% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Louisbourg Investments Inc. lifted its stake in Otis Worldwide by 29.0% during the fourth quarter. Louisbourg Investments Inc. now owns 76,277 shares of the company’s stock worth $6,663,000 after purchasing an additional 17,146 shares during the last quarter. Bank Pictet & Cie Europe AG raised its holdings in shares of Otis Worldwide by 2.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 15,611 shares of the company’s stock valued at $1,364,000 after buying an additional 415 shares in the last quarter. Compagnie Lombard Odier SCmA bought a new stake in Otis Worldwide in the 4th quarter worth approximately $198,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its stake in Otis Worldwide by 159.6% in the fourth quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 5,933 shares of the company’s stock worth $518,000 after buying an additional 3,648 shares in the last quarter. Finally, Scharf Investments LLC grew its position in Otis Worldwide by 43.0% during the fourth quarter. Scharf Investments LLC now owns 1,145,040 shares of the company’s stock valued at $100,020,000 after acquiring an additional 344,439 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

About Otis Worldwide

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.