Concurrent Investment Advisors LLC Purchases 2,942 Shares of Otis Worldwide Corporation (NYSE:OTIS)

Concurrent Investment Advisors LLC lifted its holdings in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 80.8% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,581 shares of the company's stock after buying an additional 2,942 shares during the period. Concurrent Investment Advisors LLC's holdings in Otis Worldwide were worth $679,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Simon Quick Advisors LLC purchased a new position in shares of Otis Worldwide in the 1st quarter worth approximately $443,000. SG Americas Securities LLC purchased a new position in shares of Otis Worldwide in the 1st quarter worth approximately $2,533,000. Quintet Private Bank Europe S.A. boosted its stake in shares of Otis Worldwide by 3.4% in the 1st quarter. Quintet Private Bank Europe S.A. now owns 289,936 shares of the company's stock worth $29,921,000 after buying an additional 9,467 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of Otis Worldwide by 362.4% in the 1st quarter. Assenagon Asset Management S.A. now owns 438,896 shares of the company's stock worth $45,294,000 after buying an additional 343,987 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC purchased a new position in shares of Otis Worldwide in the 1st quarter worth approximately $225,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Performance

OTIS stock traded down $0.56 during midday trading on Friday, reaching $99.41. 359,239 shares of the company's stock traded hands, compared to its average volume of 2,539,220. The company has a 50-day moving average price of $97.04 and a two-hundred day moving average price of $96.94. Otis Worldwide Corporation has a 52 week low of $89.70 and a 52 week high of $106.83. The firm has a market capitalization of $39.23 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 (EPS) for the quarter, beating 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 business had revenue of $3.35 billion for the quarter, compared to analysts' expectations of $3.41 billion. During the same quarter in the previous year, the firm posted $0.88 EPS. The business's revenue for the quarter was down 2.5% compared to the same quarter last year. As a group, analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 16th were issued a dividend of $0.42 per share. This is a boost from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date was Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a yield of 1.69%. Otis Worldwide's payout ratio is presently 44.09%.

Analysts Set New Price Targets

Several equities analysts recently commented on OTIS shares. JPMorgan Chase & Co. upped their price objective 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 dropped their price objective on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a research note on Monday, April 28th. Morgan Stanley upped their price objective on Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research note on Tuesday. Barclays upped their price objective on Otis Worldwide from $90.00 to $92.00 and gave the company an "underweight" rating in a research note on Wednesday. Finally, Wells Fargo & Company upped their price objective 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 analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price 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.