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

Davidson Investment Advisors increased its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 2.0% in the first quarter, according to the company in its most recent filing with the SEC. 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 SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Transce3nd LLC acquired a new stake in shares of Otis Worldwide in the fourth quarter valued at about $25,000. NBC Securities Inc. acquired a new stake in Otis Worldwide in the first quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd acquired a new stake in Otis Worldwide in the fourth quarter valued at approximately $28,000. Wayfinding Financial LLC acquired a new stake in Otis Worldwide in the first quarter valued at approximately $31,000. Finally, Flagship Wealth Advisors LLC acquired a new stake in Otis Worldwide in the fourth quarter valued at approximately $34,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on OTIS shares. Royal Bank Of Canada lowered their price target on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, April 28th. Wells Fargo & Company raised their price target 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. JPMorgan Chase & Co. raised their target price on Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. Morgan Stanley raised their target price on Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research note on Tuesday. Finally, Barclays raised their target price on Otis Worldwide from $90.00 to $92.00 and gave the company an "underweight" rating in a research note on Wednesday. Two analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $102.86.

Otis Worldwide Trading Up 0.6%

OTIS stock traded up $0.64 during mid-day trading on Thursday, hitting $99.98. 1,590,257 shares of the company were exchanged, compared to its average volume of 2,322,829. The company has a market capitalization of $39.46 billion, a PE ratio of 26.24 and a beta of 0.98. Otis Worldwide Corporation has a twelve month low of $89.70 and a twelve month high of $106.83. The firm has a fifty day simple moving average of $96.97 and a 200 day simple moving average of $96.90.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, topping analysts' consensus estimates of $0.91 by $0.01. The business had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.41 billion. Otis Worldwide had a negative return on equity of 31.72% and a net margin of 10.83%. The company's revenue for the quarter was down 2.5% compared to the same quarter last year. During the same period last year, the firm earned $0.88 earnings per share. As a group, sell-side analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Increases Dividend

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

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.