Otis Worldwide (NYSE:OTIS) Price Target Raised to $111.00

Otis Worldwide (NYSE:OTIS) had its price objective hoisted by JPMorgan Chase & Co. from $105.00 to $111.00 in a report released on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other equities research analysts also recently weighed in on OTIS. Wells Fargo & Company upped their price objective on shares of Otis Worldwide from $93.00 to $95.00 and gave the stock an “equal weight” rating in a report on Monday, October 6th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Otis Worldwide in a research report on Monday, July 14th. They issued a “hold” rating and a $109.00 price target on the stock. Wolfe Research set a $109.00 price target on shares of Otis Worldwide and gave the stock an “outperform” rating in a research report on Wednesday, October 8th. Morgan Stanley boosted their price target on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 8th. Finally, Zacks Research cut shares of Otis Worldwide from a “hold” rating to a “strong sell” rating in a research report on Monday, September 15th. Three equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and a consensus target price of $104.63.

Otis Worldwide Stock Up 0.8%

OTIS stock opened at $91.39 on Wednesday. The company has a market capitalization of $35.87 billion, a P/E ratio of 24.18, a PEG ratio of 3.56 and a beta of 1.00. The company has a 50-day simple moving average of $88.92 and a 200 day simple moving average of $93.34. Otis Worldwide has a fifty-two week low of $84.25 and a fifty-two week high of $106.83.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.02. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.73 billion. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The company’s quarterly revenue was down .2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.06 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Equities analysts anticipate that Otis Worldwide will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 15th were issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 1.8%. The ex-dividend date was Friday, August 15th. Otis Worldwide’s payout ratio is presently 44.44%.

Institutional Trading of Otis Worldwide

Several institutional investors and hedge funds have recently bought and sold shares of OTIS. Norges Bank acquired a new position in shares of Otis Worldwide in the 2nd quarter valued at about $721,614,000. Marshall Wace LLP increased its holdings in shares of Otis Worldwide by 5,291.5% in the 2nd quarter. Marshall Wace LLP now owns 2,844,524 shares of the company’s stock valued at $281,665,000 after purchasing an additional 2,791,765 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Otis Worldwide by 6.7% in the 1st quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company’s stock valued at $3,913,347,000 after purchasing an additional 2,396,134 shares during the period. Vanguard Group Inc. increased its holdings in shares of Otis Worldwide by 4.3% in the 2nd quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company’s stock valued at $4,811,100,000 after purchasing an additional 1,991,860 shares during the period. Finally, Qube Research & Technologies Ltd acquired a new position in shares of Otis Worldwide in the 2nd quarter valued at about $114,319,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

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.