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

Otis Worldwide (NYSE:OTIS) had its price objective cut by stock analysts at JPMorgan Chase & Co. from $112.00 to $108.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 16.15% from the stock’s current price.

OTIS has been the subject of several other research reports. UBS Group began coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target for the company. Barclays cut their target price on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. Wells Fargo & Company cut their target price on shares of Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 7th. Wolfe Research downgraded shares of 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. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $103.88.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock traded up $1.20 on Wednesday, hitting $92.98. The company had a trading volume of 90,530 shares, compared to its average volume of 1,839,788. The business has a 50-day simple moving average of $97.23 and a 200-day simple moving average of $97.34. The company has a market cap of $37.14 billion, a PE ratio of 23.19 and a beta of 1.06. Otis Worldwide has a 52 week low of $85.42 and a 52 week high of $106.33.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.01). The firm had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The firm’s revenue was up .7% compared to the same quarter last year. During the same quarter last year, the company posted $0.95 EPS. On average, equities research analysts predict that Otis Worldwide will post 3.86 earnings per share for the current fiscal year.

Insider Activity at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the firm’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the transaction, the executive vice president now directly owns 9,992 shares in the company, valued at approximately $1,009,391.84. This trade represents a 47.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.23% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Riverview Trust Co bought a new stake in shares of Otis Worldwide in the third quarter valued at about $25,000. Northwest Investment Counselors LLC acquired a new stake in Otis Worldwide during the third quarter worth about $28,000. Ashton Thomas Securities LLC acquired a new stake in Otis Worldwide during the third quarter worth about $29,000. Fortitude Family Office LLC grew its position in Otis Worldwide by 485.5% during the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after buying an additional 267 shares in the last quarter. Finally, Capital Performance Advisors LLP acquired a new stake in Otis Worldwide during the third quarter worth about $34,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

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.