Otis Worldwide (NYSE:OTIS) PT Raised to $105.00 at JPMorgan Chase & Co.

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

Other equities research analysts also recently issued research reports about the company. Melius initiated coverage on Otis Worldwide in a report on Tuesday, April 2nd. They set a hold rating for the company. Wells Fargo & Company lowered their price target on shares of Otis Worldwide from $102.00 to $98.00 and set an equal weight rating for the company in a report on Thursday. Royal Bank of Canada reissued an outperform rating and set a $100.00 price objective on shares of Otis Worldwide in a research report on Monday, February 5th. Vertical Research cut shares of Otis Worldwide from a buy rating to a hold rating in a research note on Tuesday, January 2nd. Finally, Argus raised shares of Otis Worldwide from a hold rating to a buy rating and set a $102.00 target price for the company in a report on Thursday, February 22nd. Six equities 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 a consensus rating of Hold and an average target price of $96.86.

Otis Worldwide Stock Down 0.4 %

Shares of OTIS stock opened at $93.02 on Thursday. The stock has a 50-day moving average price of $96.42 and a 200 day moving average price of $89.27. Otis Worldwide has a 12 month low of $73.32 and a 12 month high of $100.35. The firm has a market cap of $37.60 billion, a price-to-earnings ratio of 26.88 and a beta of 1.01.

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

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.68%. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, May 16th. Otis Worldwide’s payout ratio is currently 39.31%.

Insider Buying and Selling at Otis Worldwide

In other news, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction on Wednesday, February 7th. The stock was 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 owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the transaction, the insider now directly owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Judith Fran Marks sold 37,312 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the sale, the chief executive officer now directly owns 192,319 shares in the company, valued at $17,660,653.77. The disclosure for this sale can be found here. Corporate insiders own 0.23% of the company’s stock.

Institutional Investors Weigh In On Otis Worldwide

A number of hedge funds have recently added to or reduced their stakes in the stock. Cetera Trust Company N.A purchased a new stake in Otis Worldwide in the 4th quarter worth $27,000. Turtle Creek Wealth Advisors LLC bought a new position in Otis Worldwide in the 4th quarter worth about $28,000. Orion Capital Management LLC bought a new position in shares of Otis Worldwide during the third quarter valued at approximately $30,000. Pacific Capital Wealth Advisors Inc. acquired a new stake in Otis Worldwide in the fourth quarter valued at approximately $35,000. Finally, Accent Capital Management LLC purchased a new position in shares of Otis Worldwide in the fourth quarter worth $36,000. 88.03% of the stock is currently 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.