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

Otis Worldwide (NYSE:OTIS) had its price objective raised by JPMorgan Chase & Co. from $104.00 to $105.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have a neutral rating on the stock.

Several other brokerages have also recently weighed in on OTIS. UBS Group lifted their price objective on shares of Otis Worldwide from $87.00 to $95.00 and gave the stock a neutral rating in a research note on Friday, February 16th. Argus upgraded shares of Otis Worldwide from a hold rating to a buy rating and set a $102.00 price objective for the company in a research note on Thursday, February 22nd. Melius initiated coverage on shares of Otis Worldwide in a research note on Tuesday, April 2nd. They issued a hold rating for the company. Barclays lifted their price objective on shares of Otis Worldwide from $85.00 to $90.00 and gave the stock an equal weight rating in a research note on Tuesday, April 2nd. Finally, Royal Bank of Canada reiterated an outperform rating and issued a $100.00 price objective on shares of Otis Worldwide in a research note on Monday, February 5th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Otis Worldwide has an average rating of Hold and an average target price of $96.86.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $92.20 on Thursday. The company has a market capitalization of $37.27 billion, a price-to-earnings ratio of 26.65 and a beta of 1.01. The company has a 50-day simple moving average of $96.44 and a 200 day simple moving average of $89.42. Otis Worldwide has a 52 week low of $73.32 and a 52 week high of $100.35.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, topping the consensus estimate of $0.87 by $0.01. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. The business had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.44 billion. Sell-side analysts forecast that Otis Worldwide will post 3.87 EPS for the current year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be given a $0.39 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. This represents a $1.56 annualized dividend and a dividend yield of 1.69%. Otis Worldwide’s payout ratio is presently 39.31%.

Insider Activity

In other news, insider Montlivault Stephane De sold 18,393 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The shares were 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 directly owns 67,274 shares in the company, valued at approximately $6,128,661.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Montlivault Stephane De sold 18,393 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the completion of the transaction, the insider now directly owns 67,274 shares in the company, valued at approximately $6,128,661.40. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the completion of the transaction, the chief executive officer now directly 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. Corporate insiders own 0.23% of the company’s stock.

Hedge Funds Weigh In On Otis Worldwide

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in Otis Worldwide by 14.8% in the 4th quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock valued at $4,095,342,000 after purchasing an additional 5,913,933 shares during the last quarter. JPMorgan Chase & Co. increased its position in Otis Worldwide by 47.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock valued at $605,571,000 after acquiring an additional 2,442,203 shares during the period. Norges Bank acquired a new position in Otis Worldwide in the 4th quarter valued at approximately $628,855,000. Northern Trust Corp increased its position in Otis Worldwide by 3.0% in the 3rd quarter. Northern Trust Corp now owns 4,661,849 shares of the company’s stock valued at $374,393,000 after acquiring an additional 135,048 shares during the period. Finally, Grantham Mayo Van Otterloo & Co. LLC increased its position in Otis Worldwide by 1.7% in the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,448,272 shares of the company’s stock valued at $276,931,000 after acquiring an additional 59,211 shares during the period. Institutional investors 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.