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

Otis Worldwide (NYSE:OTIS) had its price target reduced by equities research analysts at JPMorgan Chase & Co. from $105.00 to $88.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential downside of 6.63% from the stock’s current price.

A number of other equities analysts have also recently weighed in on OTIS. Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a research note on Thursday, December 12th. Barclays upped their price objective on shares of Otis Worldwide from $91.00 to $92.00 and gave the company an “underweight” rating in a research note on Wednesday, March 26th. Finally, Wells Fargo & Company decreased their price target 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. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, Otis Worldwide presently has an average rating of “Hold” and an average target price of $100.88.

Otis Worldwide Trading Up 3.7 %

OTIS stock opened at $94.25 on Tuesday. The business has a 50 day simple moving average of $98.98 and a 200-day simple moving average of $98.82. The company has a market capitalization of $37.37 billion, a P/E ratio of 23.21 and a beta of 1.00. Otis Worldwide has a twelve month low of $89.70 and a twelve month high of $106.83.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. Research analysts predict that Otis Worldwide will post 4.04 EPS for the current fiscal year.

Otis Worldwide declared that its Board of Directors has approved a share buyback program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 5.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Otis Worldwide

In other news, EVP Nora E. Lafreniere sold 1,700 shares of the company’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $95.91, for a total value of $163,047.00. Following the completion of the transaction, the executive vice president now directly owns 24,927 shares in the company, valued at approximately $2,390,748.57. This represents a 6.38 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Peiming Zheng sold 32,694 shares of the business’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the completion of the transaction, the executive vice president now owns 169 shares in the company, valued at $16,127.67. This represents a 99.49 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 112,281 shares of company stock valued at $10,747,553 over the last quarter. Company insiders own 0.23% of the company’s stock.

Institutional Trading of Otis Worldwide

A number of hedge funds and other institutional investors have recently modified their holdings of OTIS. Transce3nd LLC acquired a new stake in Otis Worldwide during the 4th quarter valued at approximately $25,000. NBC Securities Inc. acquired a new stake in shares of Otis Worldwide during the first quarter worth approximately $25,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Otis Worldwide in the fourth quarter worth $28,000. Fortitude Family Office LLC raised its holdings in Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after acquiring an additional 267 shares in the last quarter. Finally, Centricity Wealth Management LLC acquired a new position in Otis Worldwide during the 4th quarter worth $33,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

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.