JPMorgan Chase & Co. Has Lowered Expectations for Otis Worldwide (NYSE:OTIS) Stock Price

Otis Worldwide (NYSE:OTIS) had its price objective reduced by JPMorgan Chase & Co. from $112.00 to $108.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 15.90% from the stock’s previous close.

OTIS has been the subject of a number of other reports. Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target for the company. in a research note on Thursday, December 12th. Barclays reduced their price target on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research note on Wednesday, January 8th. UBS Group initiated coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target for the company. Wells Fargo & Company reduced their price target on shares of Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 7th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and an average price target of $103.88.

Otis Worldwide Stock Up 1.0 %

Otis Worldwide stock opened at $93.19 on Wednesday. The firm has a 50-day moving average price of $97.06 and a two-hundred day moving average price of $97.30. The firm has a market capitalization of $37.22 billion, a price-to-earnings ratio of 23.24 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 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The company had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The company’s revenue was up .7% on a year-over-year basis. During the same period in the prior year, the company posted $0.95 earnings per share. Research analysts expect that Otis Worldwide will post 3.86 earnings per share for the current year.

Otis Worldwide announced that its board has initiated a share buyback plan on Thursday, January 16th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the sale, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.23% of the stock is owned by company insiders.

Institutional Investors Weigh In On Otis Worldwide

Large investors have recently made changes to their positions in the company. Appian Way Asset Management LP acquired a new position in Otis Worldwide in the 2nd quarter valued at approximately $991,000. M&T Bank Corp increased its stake in Otis Worldwide by 11.2% in the 3rd quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock valued at $19,123,000 after buying an additional 18,536 shares during the period. Daiwa Securities Group Inc. increased its stake in Otis Worldwide by 11.1% in the 3rd quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock valued at $5,111,000 after buying an additional 4,918 shares during the period. JPMorgan Chase & Co. increased its stake in Otis Worldwide by 41.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after buying an additional 8,161,946 shares during the period. Finally, Blair William & Co. IL increased its stake in Otis Worldwide by 64.7% in the 2nd quarter. Blair William & Co. IL now owns 24,544 shares of the company’s stock valued at $2,363,000 after buying an additional 9,643 shares during the period. Institutional investors and hedge funds 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.