Otis Worldwide Corporation (NYSE:OTIS) Shares Purchased by Concurrent Investment Advisors LLC

Concurrent Investment Advisors LLC increased its stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 80.8% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,581 shares of the company's stock after acquiring an additional 2,942 shares during the quarter. Concurrent Investment Advisors LLC's holdings in Otis Worldwide were worth $679,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in OTIS. NBC Securities Inc. purchased a new position in Otis Worldwide in the 1st quarter worth approximately $25,000. Transce3nd LLC acquired a new position in Otis Worldwide during the fourth quarter worth $25,000. Aster Capital Management DIFC Ltd purchased a new stake in Otis Worldwide in the 4th quarter valued at $28,000. Wayfinding Financial LLC acquired a new stake in shares of Otis Worldwide in the 1st quarter worth $31,000. Finally, Flagship Wealth Advisors LLC acquired a new stake in shares of Otis Worldwide in the 4th quarter worth $34,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Performance

Shares of OTIS traded up $0.64 during mid-day trading on Thursday, hitting $99.98. 1,590,257 shares of the company's stock were exchanged, compared to its average volume of 2,322,829. The stock's 50-day moving average is $96.97 and its 200-day moving average is $96.90. Otis Worldwide Corporation has a fifty-two week low of $89.70 and a fifty-two week high of $106.83. The company has a market cap of $39.46 billion, a price-to-earnings ratio of 26.24 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 earned $0.88 EPS. The firm's quarterly revenue was down 2.5% on a year-over-year basis. As a group, 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. Investors of record on Friday, May 16th were issued a $0.42 dividend. The ex-dividend date of this dividend was Friday, May 16th. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 dividend on an annualized basis and a yield of 1.68%. Otis Worldwide's dividend payout ratio (DPR) is 44.09%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Morgan Stanley lifted their target price 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. JPMorgan Chase & Co. upped their price target on Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. Royal Bank Of Canada cut 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. Wells Fargo & Company boosted their price objective on shares of Otis Worldwide from $95.00 to $100.00 and gave the company an "equal weight" rating in a report on Tuesday, July 1st. Finally, Barclays lifted their price target on shares of Otis Worldwide from $90.00 to $92.00 and gave the company an "underweight" rating in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $102.86.

Otis Worldwide 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.