Aviso Financial Inc. Purchases 9,744 Shares of Otis Worldwide Corporation $OTIS

Key Points

• Aviso Financial Inc. increased its stake in Otis Worldwide Corporation by 25.0%, acquiring an additional 9,744 shares during the first quarter, bringing its total holdings to 48,644 shares valued at approximately $5,020,000.
• Recent research analyst reports reflect mixed sentiments on Otis Worldwide, with price targets adjusted by firms such as Wells Fargo and Barclays, while Morgan Stanley raised its target to $105.00.
• Otis Worldwide announced a quarterly dividend of $0.42, yielding 1.9%, with a payout ratio of 44.44%, scheduled for payment on September 5th.

Aviso Financial Inc. raised its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 25.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 48,644 shares of the company's stock after purchasing an additional 9,744 shares during the period. Aviso Financial Inc.'s holdings in Otis Worldwide were worth $5,020,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of OTIS. Townsquare Capital LLC raised its position in shares of Otis Worldwide by 34.5% during the 4th quarter. Townsquare Capital LLC now owns 7,026 shares of the company's stock valued at $651,000 after buying an additional 1,801 shares in the last quarter. Mariner LLC raised its position in shares of Otis Worldwide by 4.0% during the 4th quarter. Mariner LLC now owns 72,339 shares of the company's stock valued at $6,699,000 after buying an additional 2,785 shares in the last quarter. CreativeOne Wealth LLC raised its position in shares of Otis Worldwide by 32.0% during the 4th quarter. CreativeOne Wealth LLC now owns 2,917 shares of the company's stock valued at $270,000 after buying an additional 707 shares in the last quarter. Guggenheim Capital LLC raised its position in shares of Otis Worldwide by 7.7% during the 4th quarter. Guggenheim Capital LLC now owns 10,305 shares of the company's stock valued at $954,000 after buying an additional 741 shares in the last quarter. Finally, NewEdge Advisors LLC raised its position in shares of Otis Worldwide by 5.6% during the 4th quarter. NewEdge Advisors LLC now owns 9,653 shares of the company's stock valued at $894,000 after buying an additional 514 shares in the last quarter. 88.03% of the stock is owned by institutional investors.

Analyst Ratings Changes

OTIS has been the topic of several research reports. Wells Fargo & Company lowered their price objective on shares of Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 24th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Otis Worldwide in a research note on Monday, July 14th. They issued a "hold" rating and a $109.00 price target for the company. JPMorgan Chase & Co. lowered their price target on shares of Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating for the company in a research note on Thursday, July 24th. Barclays lowered their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research note on Thursday, July 24th. Finally, Morgan Stanley boosted their price target on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $102.50.

Otis Worldwide Price Performance

Shares of NYSE OTIS opened at $87.37 on Monday. Otis Worldwide Corporation has a 1 year low of $84.25 and a 1 year high of $106.83. The company's 50-day moving average is $94.17 and its 200 day moving average is $96.54. The stock has a market capitalization of $34.29 billion, a P/E ratio of 23.11, a P/E/G ratio of 4.21 and a beta of 0.95.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, topping analysts' consensus estimates of $1.03 by $0.02. The business had revenue of $3.60 billion for the quarter, compared to analysts' expectations of $3.73 billion. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The business's revenue was down .2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.06 earnings per share. Research analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Friday, August 15th will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Friday, August 15th. Otis Worldwide's dividend payout ratio is 44.44%.

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.

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