Brookstone Capital Management Purchases Shares of 40,270 Otis Worldwide Corporation (NYSE:OTIS)

Brookstone Capital Management purchased a new stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 40,270 shares of the company's stock, valued at approximately $4,156,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Transce3nd LLC acquired a new stake in Otis Worldwide during the 4th quarter worth $25,000. NBC Securities Inc. acquired a new stake in shares of Otis Worldwide during the first quarter worth about $25,000. Aster Capital Management DIFC Ltd bought a new position in shares of Otis Worldwide during the 4th quarter valued at about $28,000. Flagship Wealth Advisors LLC acquired a new position in shares of Otis Worldwide in the 4th quarter valued at approximately $34,000. Finally, Orion Capital Management LLC bought a new stake in Otis Worldwide during the 4th quarter worth approximately $35,000. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Trading Up 0.2%

Shares of NYSE:OTIS traded up $0.23 during trading on Monday, hitting $99.74. 1,913,874 shares of the company were exchanged, compared to its average volume of 2,330,691. Otis Worldwide Corporation has a fifty-two week low of $89.70 and a fifty-two week high of $106.83. The stock has a market cap of $39.37 billion, a price-to-earnings ratio of 25.71 and a beta of 0.98. The firm has a fifty day moving average price of $96.70 and a two-hundred day moving average price of $96.82.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings results 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. The firm had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. Otis Worldwide had a net margin of 10.83% and a negative return on equity of 31.72%. The company's quarterly revenue was down 2.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.88 earnings per share. As a group, research analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

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

Analyst Ratings Changes

Several brokerages have recently issued reports on OTIS. Barclays lowered their price objective on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research report on Friday, April 25th. Royal Bank Of Canada reduced their price objective on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a research report on Monday, April 28th. 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 research report on Friday, May 16th. Finally, Wells Fargo & Company boosted their target price on Otis Worldwide from $95.00 to $100.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 1st. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat.com, Otis Worldwide currently has an average rating of "Hold" and a consensus price target of $101.43.

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.