Allied Investment Advisors LLC Raises Stake in Otis Worldwide Co. (NYSE:OTIS)

Allied Investment Advisors LLC raised its position in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 6.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 109,330 shares of the company's stock after purchasing an additional 6,230 shares during the period. Otis Worldwide accounts for 2.1% of Allied Investment Advisors LLC's investment portfolio, making the stock its 21st largest holding. Allied Investment Advisors LLC's holdings in Otis Worldwide were worth $11,283,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of OTIS. PineStone Asset Management Inc. raised its holdings in Otis Worldwide by 4.2% during the fourth quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company's stock worth $278,054,000 after purchasing an additional 121,322 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Otis Worldwide by 41.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock valued at $2,918,223,000 after buying an additional 8,161,946 shares during the last quarter. SVB Wealth LLC acquired a new stake in Otis Worldwide during the 4th quarter worth $337,000. Clarkston Capital Partners LLC purchased a new stake in Otis Worldwide in the fourth quarter valued at $8,743,000. Finally, Charles Schwab Investment Management Inc. lifted its position in Otis Worldwide by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,304,482 shares of the company's stock valued at $213,418,000 after acquiring an additional 67,937 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Up 0.8%

Shares of NYSE OTIS traded up $0.74 during mid-day trading on Tuesday, hitting $94.95. 2,359,714 shares of the company were exchanged, compared to its average volume of 2,318,859. The firm has a market cap of $37.47 billion, a price-to-earnings ratio of 23.39 and a beta of 1.01. The stock has a 50 day simple moving average of $96.97 and a 200-day simple moving average of $97.32. Otis Worldwide Co. has a 1-year low of $89.70 and a 1-year high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.91 by $0.01. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. The business had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. During the same period in the previous year, the business posted $0.88 earnings per share. The business's revenue was down 2.5% compared to the same quarter last year. Analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 16th will be issued a $0.42 dividend. The ex-dividend date is Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a yield of 1.77%. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's dividend payout ratio (DPR) is 44.09%.

Insider Transactions at Otis Worldwide

In related news, insider Montlivault Stephane De sold 6,660 shares of the firm's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the transaction, the insider now directly owns 63,931 shares of the company's stock, valued at $6,731,934.30. This trade represents a 9.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.23% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently commented on OTIS. JPMorgan Chase & Co. lifted their target price on Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. Wells Fargo & Company cut their price target on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 24th. Barclays decreased their price objective on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a report on Friday, April 25th. Finally, Royal Bank of Canada cut their target price on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday, April 28th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, Otis Worldwide presently has an average rating of "Hold" and an average target price of $100.71.

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.