Otis Worldwide (NYSE:OTIS) Given New $116.00 Price Target at JPMorgan Chase & Co.

Otis Worldwide (NYSE:OTIS) had its price target boosted by research analysts at JPMorgan Chase & Co. from $111.00 to $116.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 28.14% from the stock’s current price.

A number of other equities analysts have also commented on OTIS. Zacks Research raised shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 14th. Barclays increased their price objective on Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a research note on Thursday, October 30th. BNP Paribas raised Otis Worldwide from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 9th. Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. Finally, BNP Paribas Exane upgraded Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target on the stock in a research note on Tuesday, December 9th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and a consensus target price of $104.13.

Otis Worldwide Stock Performance

OTIS stock traded up $0.18 during midday trading on Friday, reaching $90.53. The company’s stock had a trading volume of 476,537 shares, compared to its average volume of 2,223,714. Otis Worldwide has a 1 year low of $84.25 and a 1 year high of $106.83. The firm has a market capitalization of $35.28 billion, a price-to-earnings ratio of 26.65, a PEG ratio of 2.64 and a beta of 1.02. The stock has a fifty day simple moving average of $88.35 and a two-hundred day simple moving average of $90.13.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, October 29th. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.05. The firm had revenue of $3.69 billion during the quarter, compared to analyst estimates of $3.65 billion. Otis Worldwide had a net margin of 9.41% and a negative return on equity of 30.67%. The business’s revenue was up 4.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.96 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. As a group, analysts forecast that Otis Worldwide will post 4.04 EPS for the current fiscal year.

Insider Activity

In other news, CAO Michael Patrick Ryan sold 3,028 shares of the stock in a transaction on Wednesday, November 5th. The stock was sold at an average price of $91.69, for a total transaction of $277,637.32. Following the completion of the sale, the chief accounting officer owned 2,628 shares in the company, valued at approximately $240,961.32. This represents a 53.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.23% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank Pictet & Cie Europe AG lifted its holdings in shares of Otis Worldwide by 2.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 15,611 shares of the company’s stock valued at $1,364,000 after buying an additional 415 shares during the period. Compagnie Lombard Odier SCmA acquired a new stake in Otis Worldwide during the fourth quarter worth about $198,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its position in Otis Worldwide by 159.6% during the fourth quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 5,933 shares of the company’s stock valued at $518,000 after acquiring an additional 3,648 shares in the last quarter. Scharf Investments LLC lifted its holdings in Otis Worldwide by 43.0% in the fourth quarter. Scharf Investments LLC now owns 1,145,040 shares of the company’s stock valued at $100,020,000 after acquiring an additional 344,439 shares during the period. Finally, Frank Rimerman Advisors LLC purchased a new stake in Otis Worldwide in the 4th quarter worth approximately $659,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Company Profile

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.