Allworth Financial LP Has $3.34 Million Stake in Otis Worldwide Corporation (NYSE:OTIS)

Allworth Financial LP lifted its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 15.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 32,358 shares of the company's stock after purchasing an additional 4,234 shares during the quarter. Allworth Financial LP's holdings in Otis Worldwide were worth $3,339,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Assetmark Inc. boosted its holdings in shares of Otis Worldwide by 178.4% during the 4th quarter. Assetmark Inc. now owns 1,325 shares of the company's stock worth $123,000 after buying an additional 849 shares during the period. Proficio Capital Partners LLC bought a new stake in shares of Otis Worldwide during the 4th quarter worth $193,000. Raymond James Financial Inc. bought a new stake in shares of Otis Worldwide during the 4th quarter worth $24,451,000. Independent Advisor Alliance boosted its holdings in shares of Otis Worldwide by 109.5% during the 4th quarter. Independent Advisor Alliance now owns 4,163 shares of the company's stock worth $386,000 after buying an additional 2,176 shares during the period. Finally, Citizens Financial Group Inc. RI bought a new stake in shares of Otis Worldwide during the 4th quarter worth $228,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on OTIS. Royal Bank Of Canada reduced their price target on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, April 28th. Barclays increased their price target on shares of Otis Worldwide from $90.00 to $92.00 and gave the company an "underweight" rating in a report on Wednesday. Morgan Stanley increased their price target on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a report on Tuesday. Wells Fargo & Company increased their price target on shares of Otis Worldwide from $95.00 to $100.00 and gave the company an "equal weight" rating in a report on Tuesday, July 1st. Finally, JPMorgan Chase & Co. increased their price target on shares of Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Two investment 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's stock. According to MarketBeat.com, Otis Worldwide has an average rating of "Hold" and a consensus target price of $102.86.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS traded down $0.55 during midday trading on Friday, reaching $99.41. 1,187,189 shares of the company's stock were exchanged, compared to its average volume of 2,320,662. The company's 50 day simple moving average is $97.08 and its two-hundred day simple moving average is $96.98. The firm has a market capitalization of $39.24 billion, a PE ratio of 26.09 and a beta of 0.98. Otis Worldwide Corporation has a 12 month low of $89.70 and a 12 month high of $106.83.

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

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 16th were given a dividend of $0.42 per share. The ex-dividend date was Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.69%. This is a boost from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's dividend payout ratio (DPR) is 44.09%.

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.