Otis Worldwide (NYSE:OTIS) Price Target Raised to $101.00 at JPMorgan Chase & Co.

Otis Worldwide (NYSE:OTIS) had its target price lifted by JPMorgan Chase & Co. from $88.00 to $101.00 in a report issued on Friday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

Other equities research analysts have also issued reports about the stock. Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 24th. Barclays reduced their price objective on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a research note on Friday, April 25th. Finally, Royal Bank of Canada reduced their price objective on shares of Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a research note on Monday, April 28th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $100.71.

Otis Worldwide Stock Performance

Shares of NYSE OTIS opened at $98.85 on Friday. Otis Worldwide has a 52-week low of $89.70 and a 52-week high of $106.83. The firm has a 50 day moving average price of $98.02 and a two-hundred day moving average price of $97.61. The stock has a market cap of $39.01 billion, a P/E ratio of 24.35 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.01. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. The firm had revenue of $3.35 billion during the quarter, compared to analysts’ expectations of $3.41 billion. During the same period in the prior year, the company posted $0.88 EPS. The company’s revenue was down 2.5% on a year-over-year basis. Analysts predict that Otis Worldwide will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 16th will be paid a dividend of $0.42 per share. The ex-dividend date is Friday, May 16th. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a yield of 1.70%. Otis Worldwide’s dividend payout ratio is currently 44.09%.

Insider Buying and Selling

In related news, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the transaction, the insider now directly owns 63,931 shares of the company’s stock, valued at $6,731,934.30. This represents a 9.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.23% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. NBC Securities Inc. bought a new position in shares of Otis Worldwide in the first quarter valued at $25,000. Transce3nd LLC bought a new position in shares of Otis Worldwide in the fourth quarter valued at $25,000. Aster Capital Management DIFC Ltd bought a new position in shares of Otis Worldwide in the fourth quarter valued at $28,000. Wayfinding Financial LLC bought a new position in shares of Otis Worldwide in the first quarter valued at $31,000. Finally, Cheviot Value Management LLC bought a new position in shares of Otis Worldwide in the first quarter valued at $31,000. 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.