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

Otis Worldwide (NYSE:OTIS) had its price objective cut by equities research analysts at JPMorgan Chase & Co. from $108.00 to $105.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 10.03% from the stock’s current price.

A number of other analysts have also recently commented on OTIS. Wells Fargo & Company lowered their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday. UBS Group started coverage on Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective on the stock. Barclays lowered their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research note on Wednesday, January 8th. Finally, Wolfe Research lowered 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 note on Thursday, December 12th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and a consensus price target of $102.88.

Otis Worldwide Trading Up 0.1 %

NYSE OTIS opened at $95.43 on Thursday. Otis Worldwide has a 12 month low of $87.57 and a 12 month high of $106.33. The company has a market capitalization of $38.12 billion, a PE ratio of 23.50 and a beta of 1.06. The stock has a 50-day simple moving average of $95.91 and a 200 day simple moving average of $97.15.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.57%. As a group, sell-side analysts predict that Otis Worldwide will post 4.02 earnings per share for the current fiscal year.

Otis Worldwide declared that its Board of Directors has approved a stock buyback program on Thursday, January 16th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Insider Activity at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the transaction, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.23% of the stock is owned by insiders.

Institutional Investors Weigh In On Otis Worldwide

Several large investors have recently made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. grew its position in shares of Otis Worldwide by 6.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 60,427 shares of the company’s stock valued at $5,817,000 after acquiring an additional 3,474 shares during the period. EP Wealth Advisors LLC lifted its stake in Otis Worldwide by 33.5% in the 2nd quarter. EP Wealth Advisors LLC now owns 5,979 shares of the company’s stock valued at $576,000 after purchasing an additional 1,502 shares during the last quarter. Sanctuary Advisors LLC bought a new position in Otis Worldwide during the second quarter worth about $2,073,000. Heritage Wealth Management Inc. acquired a new position in Otis Worldwide during the second quarter worth approximately $302,000. Finally, Czech National Bank raised its stake in Otis Worldwide by 5.9% in the third quarter. Czech National Bank now owns 81,597 shares of the company’s stock valued at $8,481,000 after buying an additional 4,549 shares during the period. Institutional investors and hedge funds 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.