Otis Worldwide (NYSE:OTIS) Price Target Raised to $105.00

Otis Worldwide (NYSE:OTIS) had its target price lifted by stock analysts at JPMorgan Chase & Co. from $104.00 to $105.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 12.52% from the company’s current price.

Other analysts also recently issued research reports about the company. Vertical Research downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. Barclays raised their price objective on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 2nd. Argus upgraded Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective for the company in a research report on Thursday, February 22nd. Wells Fargo & Company reduced their price objective on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a research report on Thursday. Finally, Melius initiated coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They issued a “hold” rating for the company. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $96.86.

Otis Worldwide Trading Down 0.1 %

OTIS traded down $0.05 during midday trading on Thursday, reaching $93.32. The company’s stock had a trading volume of 857,591 shares, compared to its average volume of 2,015,679. The stock has a market cap of $37.72 billion, a P/E ratio of 27.48 and a beta of 1.01. The company has a fifty day simple moving average of $96.41 and a 200 day simple moving average of $89.24. Otis Worldwide has a twelve month low of $73.32 and a twelve month high of $100.35.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.01. The firm had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.44 billion. Otis Worldwide had a negative return on equity of 30.75% and a net margin of 9.90%. Sell-side analysts expect that Otis Worldwide will post 3.87 earnings per share for the current year.

Insider Buying and Selling

In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the transaction, the chief executive officer now owns 192,319 shares in the company, valued at approximately $17,660,653.77. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the transaction, the insider now owns 67,274 shares in the company, valued at approximately $6,128,661.40. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the transaction, the chief executive officer now owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The disclosure for this sale can be found here. 0.23% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Otis Worldwide

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. increased its stake in shares of Otis Worldwide by 0.3% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 32,048 shares of the company’s stock valued at $3,181,000 after buying an additional 110 shares during the period. Private Trust Co. NA increased its stake in shares of Otis Worldwide by 0.9% in the 1st quarter. Private Trust Co. NA now owns 12,931 shares of the company’s stock valued at $1,284,000 after buying an additional 118 shares during the period. Massmutual Trust Co. FSB ADV grew its stake in shares of Otis Worldwide by 7.1% during the first quarter. Massmutual Trust Co. FSB ADV now owns 1,867 shares of the company’s stock worth $185,000 after purchasing an additional 124 shares during the period. JB Capital LLC grew its stake in shares of Otis Worldwide by 0.5% during the fourth quarter. JB Capital LLC now owns 26,572 shares of the company’s stock worth $2,377,000 after purchasing an additional 129 shares during the period. Finally, Baystate Wealth Management LLC grew its stake in shares of Otis Worldwide by 16.7% during the fourth quarter. Baystate Wealth Management LLC now owns 964 shares of the company’s stock worth $86,000 after purchasing an additional 138 shares during the period. 88.03% of the stock is owned by institutional investors and hedge funds.

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.