Otis Worldwide Corporation (NYSE:OTIS) Shares Bought by Davidson Investment Advisors

Davidson Investment Advisors raised its holdings in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 2.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 177,066 shares of the company's stock after purchasing an additional 3,526 shares during the quarter. Davidson Investment Advisors' holdings in Otis Worldwide were worth $18,273,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in OTIS. Transce3nd LLC purchased a new stake in shares of Otis Worldwide during the 4th quarter worth approximately $25,000. NBC Securities Inc. purchased a new stake in shares of Otis Worldwide during the 1st quarter worth approximately $25,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Otis Worldwide during the 4th quarter worth approximately $28,000. Wayfinding Financial LLC purchased a new stake in shares of Otis Worldwide during the 1st quarter worth approximately $31,000. Finally, Flagship Wealth Advisors LLC purchased a new stake in shares of Otis Worldwide during the 4th quarter worth approximately $34,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Down 0.4%

Shares of Otis Worldwide stock traded down $0.43 during trading on Wednesday, hitting $99.25. 1,706,803 shares of the company were exchanged, compared to its average volume of 2,325,759. Otis Worldwide Corporation has a fifty-two week low of $89.70 and a fifty-two week high of $106.83. The stock has a market capitalization of $39.17 billion, a price-to-earnings ratio of 26.05 and a beta of 0.98. The firm has a 50 day moving average price of $96.97 and a 200 day moving average price of $96.90.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share (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 the consensus estimate of $3.41 billion. During the same period in the previous year, the firm posted $0.88 EPS. The company's quarterly revenue was down 2.5% compared to the same quarter last year. Analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 6th. Shareholders 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 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%. Otis Worldwide's payout ratio is 44.09%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Barclays boosted 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 decreased their price target 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. Wells Fargo & Company boosted their price target on Otis Worldwide from $95.00 to $100.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 1st. JPMorgan Chase & Co. boosted 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, Morgan Stanley boosted their price target on Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research note on Tuesday. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $102.86.

About Otis Worldwide

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.