Otis Worldwide (NYSE:OTIS) Price Target Raised to $116.00

Otis Worldwide (NYSE:OTIS) had its target price raised by JPMorgan Chase & Co. from $111.00 to $116.00 in a research report released on Friday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other research analysts have also recently issued reports on the stock. Barclays increased their target price on shares of Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a report on Thursday, October 30th. BNP Paribas upgraded Otis Worldwide from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 9th. Wall Street Zen cut Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Zacks Research upgraded Otis Worldwide from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 14th. Finally, BNP Paribas Exane raised Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price on the stock in a report on Tuesday, December 9th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $104.13.

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $90.17 on Friday. The company has a market cap of $35.14 billion, a P/E ratio of 26.60, a price-to-earnings-growth ratio of 2.65 and a beta of 1.02. Otis Worldwide has a one year low of $84.25 and a one year high of $106.83. The business has a fifty day moving average of $88.33 and a two-hundred day moving average of $89.93.

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

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 5th. Investors of record on Friday, November 14th were paid a dividend of $0.42 per share. The ex-dividend date was Friday, November 14th. This represents a $1.68 annualized dividend and a yield of 1.9%. Otis Worldwide’s dividend payout ratio is 49.56%.

Insider Buying and Selling

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 3,028 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $91.69, for a total value of $277,637.32. Following the completion of the transaction, the chief accounting officer directly owned 2,628 shares in the company, valued at $240,961.32. The trade was a 53.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.23% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Root Financial Partners LLC bought a new stake in shares of Otis Worldwide during the third quarter valued at approximately $26,000. Stance Capital LLC bought a new stake in Otis Worldwide during the 3rd quarter valued at $27,000. Chilton Capital Management LLC acquired a new position in Otis Worldwide during the 2nd quarter worth $31,000. Nemes Rush Group LLC grew its stake in shares of Otis Worldwide by 75.4% in the second quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock worth $31,000 after purchasing an additional 135 shares in the last quarter. Finally, Rakuten Investment Management Inc. bought a new position in shares of Otis Worldwide in the third quarter worth $31,000. 88.03% of the stock is owned by institutional investors and hedge funds.

About Otis Worldwide

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.