Otis Worldwide (NYSE:OTIS) Rating Increased to Overweight at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Otis Worldwide (NYSE:OTIS - Free Report) from a neutral rating to an overweight rating in a report issued on Tuesday morning, Marketbeat Ratings reports. JPMorgan Chase & Co. currently has $109.00 target price on the stock, up from their prior target price of $101.00.

Several other research firms have also recently commented on OTIS. Deutsche Bank Aktiengesellschaft began coverage on Otis Worldwide in a research note on Monday. They issued a "hold" rating and a $109.00 target price for the company. Royal Bank Of Canada lowered their target price on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a research note on Monday, April 28th. Wells Fargo & Company lifted their target price on Otis Worldwide from $95.00 to $100.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 1st. Barclays lifted their target price on Otis Worldwide from $90.00 to $92.00 and gave the company an "underweight" rating in a research note on Wednesday, July 9th. Finally, Morgan Stanley lifted their target price on Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $104.63.

Otis Worldwide Stock Down 0.7%

OTIS stock traded down $0.68 during midday trading on Tuesday, reaching $99.36. 2,333,962 shares of the company's stock traded hands, compared to its average volume of 2,323,153. The company has a 50-day simple moving average of $97.14 and a two-hundred day simple moving average of $97.07. Otis Worldwide has a 1-year low of $89.70 and a 1-year high of $106.83. The company has a market cap of $39.22 billion, a price-to-earnings ratio of 25.85 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, beating analysts' consensus estimates of $0.91 by $0.01. Otis Worldwide had a negative return on equity of 31.72% and a net margin of 10.83%. The firm had revenue of $3.35 billion during the quarter, compared to analysts' expectations of $3.41 billion. During the same period last year, the firm posted $0.88 EPS. The business's revenue was down 2.5% on a year-over-year basis. Equities research analysts forecast that Otis Worldwide will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 16th were given a $0.42 dividend. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a dividend yield of 1.69%. The ex-dividend date was Friday, May 16th. Otis Worldwide's dividend payout ratio (DPR) is currently 44.09%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in OTIS. Transce3nd LLC bought a new position in Otis Worldwide during the fourth quarter worth about $25,000. NBC Securities Inc. bought a new position in Otis Worldwide during the first quarter worth about $25,000. Aster Capital Management DIFC Ltd bought a new position in Otis Worldwide during the fourth quarter worth about $28,000. Wayfinding Financial LLC bought a new position in Otis Worldwide during the first quarter worth about $31,000. Finally, Cheviot Value Management LLC bought a new position in Otis Worldwide during the first quarter worth about $31,000. 88.03% of the stock is currently owned by 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.