Chicago Capital LLC lifted its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 87.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 13,861 shares of the company's stock after buying an additional 6,455 shares during the period. Chicago Capital LLC's holdings in Otis Worldwide were worth $1,430,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Grimes & Company Inc. boosted its position in shares of Otis Worldwide by 8.0% during the first quarter. Grimes & Company Inc. now owns 4,993 shares of the company's stock valued at $515,000 after buying an additional 369 shares during the last quarter. Sagespring Wealth Partners LLC bought a new position in Otis Worldwide during the 1st quarter valued at about $306,000. Sowell Financial Services LLC purchased a new stake in shares of Otis Worldwide during the 1st quarter valued at about $291,000. Abound Wealth Management grew its stake in shares of Otis Worldwide by 715.3% in the first quarter. Abound Wealth Management now owns 587 shares of the company's stock worth $61,000 after acquiring an additional 515 shares during the period. Finally, Bank Pictet & Cie Europe AG grew its stake in shares of Otis Worldwide by 2.5% in the first quarter. Bank Pictet & Cie Europe AG now owns 69,059 shares of the company's stock worth $7,127,000 after acquiring an additional 1,683 shares during the period. Hedge funds and other institutional investors own 88.03% of the company's stock.
Otis Worldwide Trading Down 1.1%
OTIS opened at $95.36 on Wednesday. The firm's 50 day simple moving average is $96.34 and its two-hundred day simple moving average is $96.91. The company has a market capitalization of $37.64 billion, a PE ratio of 25.03 and a beta of 0.98. 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 quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.91 by $0.01. Otis Worldwide had a negative return on equity of 31.72% and a net margin of 10.83%. The firm had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.41 billion. During the same period in the prior year, the business posted $0.88 EPS. Otis Worldwide's revenue was down 2.5% on a year-over-year basis. Equities analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.
Otis Worldwide Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 16th were paid a $0.42 dividend. The ex-dividend date of this dividend was Friday, May 16th. This represents a $1.68 annualized dividend and a dividend yield of 1.76%. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's dividend payout ratio (DPR) is 44.09%.
Wall Street Analysts Forecast Growth
A number of brokerages recently weighed in on OTIS. Wells Fargo & Company lowered their price objective on shares of Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 24th. Barclays decreased their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research note on Friday, April 25th. JPMorgan Chase & Co. raised their price target on Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Finally, 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. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $100.71.
Read Our Latest Research Report on Otis Worldwide
About Otis Worldwide
(
Free Report)
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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