Schechter Investment Advisors LLC Purchases New Shares in Otis Worldwide Corporation (NYSE:OTIS)

Schechter Investment Advisors LLC bought a new position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,560 shares of the company's stock, valued at approximately $264,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in OTIS. Vanguard Group Inc. lifted its holdings in shares of Otis Worldwide by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 45,003,843 shares of the company's stock valued at $4,167,806,000 after purchasing an additional 149,123 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Otis Worldwide by 26.5% in the fourth quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company's stock valued at $3,289,868,000 after purchasing an additional 7,447,860 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Otis Worldwide by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 11,126,735 shares of the company's stock valued at $1,031,787,000 after purchasing an additional 95,035 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of Otis Worldwide by 5.9% in the fourth quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company's stock valued at $720,980,000 after purchasing an additional 435,372 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Otis Worldwide in the fourth quarter valued at about $649,883,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently issued reports on OTIS shares. Deutsche Bank Aktiengesellschaft started coverage on shares of Otis Worldwide in a research note on Monday. They set a "hold" rating and a $109.00 price objective on the stock. JPMorgan Chase & Co. raised shares of Otis Worldwide from a "neutral" rating to an "overweight" rating and upped their price objective for the company from $101.00 to $109.00 in a research note on Tuesday. Barclays upped their price objective on shares of Otis Worldwide from $90.00 to $92.00 and gave the company an "underweight" rating in a research note on Wednesday, July 9th. Morgan Stanley upped their price objective on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. Finally, Royal Bank Of Canada reduced their price objective on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a research note on Monday, April 28th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $104.63.

Otis Worldwide Price Performance

OTIS stock traded up $0.82 on Thursday, hitting $101.16. 1,425,469 shares of the company were exchanged, compared to its average volume of 2,318,672. Otis Worldwide Corporation has a twelve month low of $89.70 and a twelve month high of $106.83. The business's fifty day moving average is $97.25 and its two-hundred day moving average is $97.11. The stock has a market capitalization of $39.92 billion, a price-to-earnings ratio of 25.93, a price-to-earnings-growth ratio of 2.72 and a beta of 0.98.

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

Otis Worldwide Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 16th were given a $0.42 dividend. The ex-dividend date of this dividend was Friday, May 16th. This represents a $1.68 annualized dividend and a dividend yield of 1.66%. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's dividend payout ratio is presently 44.09%.

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.