Otis Worldwide (NYSE:OTIS) Given New $108.00 Price Target at JPMorgan Chase & Co.

Otis Worldwide (NYSE:OTIS) had its price target cut by JPMorgan Chase & Co. from $112.00 to $108.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 16.15% from the company’s previous close.

Other analysts have also recently issued reports about the stock. Barclays lowered their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research note on Wednesday, January 8th. UBS Group began coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target for the company. Wells Fargo & Company cut their price objective on shares of Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 7th. Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. Finally, Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a report on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $103.88.

Otis Worldwide Stock Performance

OTIS traded up $1.20 during trading on Wednesday, reaching $92.98. The company’s stock had a trading volume of 90,530 shares, compared to its average volume of 1,839,788. Otis Worldwide has a 52-week low of $85.42 and a 52-week high of $106.33. The company’s fifty day moving average price is $97.23 and its 200-day moving average price is $97.34. The company has a market capitalization of $37.14 billion, a price-to-earnings ratio of 23.19 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.01). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The company had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same quarter in the prior year, the firm earned $0.95 earnings per share. The company’s revenue for the quarter was up .7% on a year-over-year basis. Equities analysts predict that Otis Worldwide will post 3.86 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the sale, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.23% of the stock is owned by company insiders.

Institutional Investors Weigh In On Otis Worldwide

Several institutional investors and hedge funds have recently bought and sold shares of the business. JPMorgan Chase & Co. grew its position 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 last quarter. Geode Capital Management LLC grew its position in Otis Worldwide by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 11,031,700 shares of the company’s stock worth $1,146,045,000 after purchasing an additional 152,072 shares during the last quarter. Franklin Resources Inc. grew its position in Otis Worldwide by 58.3% in 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. Wellington Management Group LLP grew its position in Otis Worldwide by 11.9% in the 3rd quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company’s stock worth $382,546,000 after purchasing an additional 391,206 shares during the last quarter. Finally, Legal & General Group Plc grew its position in Otis Worldwide by 0.4% in the 2nd quarter. Legal & General Group Plc now owns 3,660,401 shares of the company’s stock worth $352,351,000 after purchasing an additional 15,021 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

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.