JPMorgan Chase & Co. Cuts Otis Worldwide (NYSE:OTIS) Price Target to $101.00

Otis Worldwide (NYSE:OTIS - Get Free Report) had its price target lowered by equities researchers at JPMorgan Chase & Co. from $109.00 to $101.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price indicates a potential upside of 13.78% from the company's current price.

A number of other research analysts also recently issued reports on the company. Deutsche Bank Aktiengesellschaft began coverage on Otis Worldwide in a report on Monday, July 14th. They issued a "hold" rating and a $109.00 price target on the stock. Morgan Stanley raised their price target on Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. Barclays cut their price target on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research note on Thursday. Royal Bank Of Canada reduced their target price on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, April 28th. Finally, Wells Fargo & Company boosted their target price on Otis Worldwide from $95.00 to $100.00 and gave the company an "equal weight" rating in a report on Tuesday, July 1st. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $102.50.

Otis Worldwide Price Performance

Otis Worldwide stock traded up $0.28 during trading hours on Thursday, reaching $88.77. The company had a trading volume of 1,783,061 shares, compared to its average volume of 2,592,093. The company has a 50-day moving average price of $97.32 and a 200 day moving average price of $97.28. The firm has a market cap of $35.03 billion, a price-to-earnings ratio of 23.29, a P/E/G ratio of 2.72 and a beta of 0.98. Otis Worldwide has a 12-month low of $86.00 and a 12-month high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, beating analysts' consensus estimates of $1.03 by $0.02. The company had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.73 billion. Otis Worldwide had a negative return on equity of 31.72% and a net margin of 10.83%. Otis Worldwide's revenue for the quarter was down .2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.06 earnings per share. As a group, research analysts expect that Otis Worldwide will post 4.04 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Simon Quick Advisors LLC bought a new position in shares of Otis Worldwide in the first quarter valued at about $443,000. SG Americas Securities LLC acquired a new stake in Otis Worldwide during the first quarter worth about $2,533,000. Quintet Private Bank Europe S.A. grew its stake in Otis Worldwide by 3.4% during the first quarter. Quintet Private Bank Europe S.A. now owns 289,936 shares of the company's stock worth $29,921,000 after buying an additional 9,467 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of Otis Worldwide by 362.4% in the 1st quarter. Assenagon Asset Management S.A. now owns 438,896 shares of the company's stock valued at $45,294,000 after purchasing an additional 343,987 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC bought a new stake in Otis Worldwide during the 1st quarter valued at $225,000. 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.

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