Carolina Wealth Advisors LLC Increases Position in Otis Worldwide Corporation (NYSE:OTIS)

Carolina Wealth Advisors LLC grew its holdings in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 290.6% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 8,846 shares of the company's stock after buying an additional 6,581 shares during the period. Carolina Wealth Advisors LLC's holdings in Otis Worldwide were worth $913,000 at the end of the most recent reporting period.

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

Otis Worldwide Stock Up 0.1%

Shares of Otis Worldwide stock opened at $97.61 on Friday. Otis Worldwide Corporation has a 52-week low of $89.70 and a 52-week high of $106.83. The company's 50-day simple moving average is $96.21 and its 200-day simple moving average is $96.70. The firm has a market cap of $38.52 billion, a price-to-earnings ratio of 25.62 and a beta of 0.98.

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

Otis Worldwide Increases Dividend

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

Analyst Upgrades and Downgrades

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

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.

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