Arlington Partners LLC Boosts Holdings in Otis Worldwide Corporation (NYSE:OTIS)

Arlington Partners LLC grew its stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 6.2% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 44,487 shares of the company's stock after acquiring an additional 2,605 shares during the period. Otis Worldwide comprises 1.8% of Arlington Partners LLC's investment portfolio, making the stock its 14th biggest holding. Arlington Partners LLC's holdings in Otis Worldwide were worth $4,591,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in OTIS. NBC Securities Inc. purchased a new position in Otis Worldwide during the 1st quarter valued at about $25,000. Transce3nd LLC acquired a new stake in shares of Otis Worldwide during the fourth quarter worth about $25,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Otis Worldwide during the fourth quarter worth about $28,000. Flagship Wealth Advisors LLC purchased a new position in shares of Otis Worldwide in the fourth quarter valued at approximately $34,000. Finally, Orion Capital Management LLC acquired a new position in shares of Otis Worldwide in the fourth quarter valued at approximately $35,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Price Performance

Shares of OTIS traded up $1.11 during midday trading on Thursday, reaching $97.74. The stock had a trading volume of 397,405 shares, compared to its average volume of 2,587,222. The company has a market cap of $38.58 billion, a price-to-earnings ratio of 25.65 and a beta of 0.98. The company's fifty day simple moving average is $96.25 and its two-hundred day simple moving average is $96.74. Otis Worldwide Corporation has a 1-year low of $89.70 and a 1-year high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.91 by $0.01. The firm had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 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 2.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.88 earnings per share. On average, sell-side analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 16th were given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.72%. The ex-dividend date was Friday, May 16th. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's dividend payout ratio (DPR) is 44.09%.

Analysts Set New Price Targets

A number of research firms have issued reports on OTIS. Barclays reduced their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a report on Friday, April 25th. Wells Fargo & Company reduced their price objective on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Thursday, April 24th. JPMorgan Chase & Co. lifted their target price on Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Finally, 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. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the stock 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.