JPMorgan Chase & Co. Cuts Otis Worldwide (NYSE:OTIS) Price Target to $88.00

Otis Worldwide (NYSE:OTIS) had its price target dropped by stock analysts at JPMorgan Chase & Co. from $105.00 to $88.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential downside of 4.70% from the company’s current price.

A number of other research analysts also recently commented on OTIS. Wells Fargo & Company lowered their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 30th. Barclays raised their price target on shares of Otis Worldwide from $91.00 to $92.00 and gave the stock an “underweight” rating in a research report on Wednesday, March 26th. Finally, Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a research report on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $100.88.

Otis Worldwide Stock Performance

Shares of OTIS stock traded up $0.38 during trading hours on Tuesday, hitting $92.34. 1,728,829 shares of the company were exchanged, compared to its average volume of 2,151,388. The stock has a market capitalization of $36.61 billion, a price-to-earnings ratio of 22.75 and a beta of 1.00. Otis Worldwide has a one year low of $90.12 and a one year high of $106.83. The business’s 50-day simple moving average is $99.21 and its two-hundred day simple moving average is $98.96.

Otis Worldwide (NYSE:OTIS) last issued 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 negative return on equity of 31.76% and a net margin of 11.53%. As a group, analysts anticipate that Otis Worldwide will post 4.04 EPS for the current fiscal year.

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

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of the firm’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction of $701,298.00. Following the sale, the insider now owns 63,931 shares in the company, valued at $6,731,934.30. This trade represents a 9.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Judith Fran Marks sold 38,012 shares of the business’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $3,588,712.92. Following the completion of the sale, the chief executive officer now directly owns 245,883 shares of the company’s stock, valued at approximately $23,213,814.03. This trade represents a 13.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 112,281 shares of company stock worth $10,747,553 in the last quarter. 0.23% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Otis Worldwide

Several large investors have recently bought and sold shares of the business. JPMorgan Chase & Co. raised its holdings in Otis Worldwide by 41.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock worth $2,918,223,000 after purchasing an additional 8,161,946 shares during the period. Norges Bank bought a new stake in Otis Worldwide during the 4th quarter valued at $649,883,000. Franklin Resources Inc. lifted its stake in shares of Otis Worldwide by 58.3% during the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock worth $774,863,000 after purchasing an additional 2,706,871 shares during the last quarter. Canoe Financial LP boosted its holdings in Otis Worldwide by 699.5% in the fourth quarter. Canoe Financial LP now owns 1,033,423 shares of the company’s stock worth $95,705,000 after acquiring an additional 904,157 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of Otis Worldwide by 12,162.8% during the first quarter. GAMMA Investing LLC now owns 820,750 shares of the company’s stock worth $84,701,000 after purchasing an additional 814,057 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.