Cerity Partners LLC Boosts Stake in Otis Worldwide Corporation (NYSE:OTIS)

Cerity Partners LLC increased its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 574.2% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 333,369 shares of the company's stock after buying an additional 283,923 shares during the quarter. Cerity Partners LLC owned about 0.08% of Otis Worldwide worth $34,404,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in OTIS. Assetmark Inc. raised its holdings in shares of Otis Worldwide by 178.4% in the fourth quarter. Assetmark Inc. now owns 1,325 shares of the company's stock valued at $123,000 after buying an additional 849 shares during the last quarter. Proficio Capital Partners LLC acquired a new position in Otis Worldwide in the 4th quarter valued at about $193,000. Raymond James Financial Inc. purchased a new stake in Otis Worldwide during the 4th quarter valued at approximately $24,451,000. Independent Advisor Alliance lifted its position in 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 acquiring an additional 2,176 shares during the period. Finally, Citizens Financial Group Inc. RI purchased a new position in shares of Otis Worldwide in the 4th quarter valued at approximately $228,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Down 0.6%

Shares of OTIS opened at $99.41 on Friday. Otis Worldwide Corporation has a 52-week low of $89.70 and a 52-week high of $106.83. The company has a 50-day simple moving average of $97.08 and a 200-day simple moving average of $97.00. The company has a market capitalization of $39.24 billion, a PE ratio of 26.09 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. On average, research analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

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

Analyst Ratings Changes

Several research firms have recently commented on OTIS. Barclays upped their price target on Otis Worldwide from $90.00 to $92.00 and gave the stock an "underweight" rating in a research note on Wednesday. Royal Bank Of Canada reduced their target price on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a research note on Monday, April 28th. 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. Wells Fargo & Company increased their price target on shares of Otis Worldwide from $95.00 to $100.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 1st. Finally, JPMorgan Chase & Co. lifted their price objective on Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Two research 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. Based on data from MarketBeat, Otis Worldwide presently has a consensus rating of "Hold" and a consensus price target of $102.86.

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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