Otis Worldwide (NYSE:OTIS) Downgraded by JPMorgan Chase & Co. to Neutral

JPMorgan Chase & Co. lowered shares of Otis Worldwide (NYSE:OTIS) from an overweight rating to a neutral rating in a report published on Friday morning, MarketBeat.com reports. JPMorgan Chase & Co. currently has $98.00 target price on the stock.

Other equities analysts have also issued reports about the company. Wall Street Zen lowered Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Weiss Ratings reissued a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. Wolfe Research set a $109.00 target price on Otis Worldwide and gave the company an “outperform” rating in a report on Wednesday, October 8th. Zacks Research upgraded Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Finally, Wells Fargo & Company lowered their target price on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research note on Monday, December 15th. Three analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Otis Worldwide presently has an average rating of “Hold” and a consensus target price of $101.44.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $85.43 on Friday. The company has a market capitalization of $33.29 billion, a price-to-earnings ratio of 24.41, a P/E/G ratio of 2.53 and a beta of 1.02. Otis Worldwide has a 1 year low of $84.00 and a 1 year high of $106.83. The business’s 50-day moving average is $88.40 and its 200-day moving average is $89.33.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.03. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.The business had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same period in the prior year, the business earned $0.93 EPS. The firm’s revenue for the quarter was up 3.3% on a year-over-year basis. Analysts anticipate that Otis Worldwide will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 13th will be issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 2.0%. The ex-dividend date is Friday, February 13th. Otis Worldwide’s dividend payout ratio (DPR) is currently 48.00%.

Insider Buying and Selling

In other news, CAO Michael Patrick Ryan sold 3,028 shares of the firm’s stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $91.69, for a total value 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 $240,961.32. This trade represents a 53.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.23% of the company’s stock.

Institutional Investors Weigh In On Otis Worldwide

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Laurel Wealth Advisors LLC bought a new stake in Otis Worldwide during the 4th quarter valued at $230,000. DMKC Advisory Services LLC grew its position in Otis Worldwide by 19.0% during the 4th quarter. DMKC Advisory Services LLC now owns 27,949 shares of the company’s stock worth $2,441,000 after purchasing an additional 4,470 shares during the period. Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Otis Worldwide during the 4th quarter worth approximately $33,000. Ares Financial Consulting LLC acquired a new stake in shares of Otis Worldwide during the 4th quarter valued at about $143,000. Finally, Mitsubishi UFJ Trust & Banking Corp grew its stake in Otis Worldwide by 9.4% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 462,228 shares of the company’s stock valued at $40,380,000 after acquiring an additional 39,828 shares during the period. 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.