Davidson Investment Advisors Purchases 3,526 Shares of Otis Worldwide Corporation (NYSE:OTIS)

Davidson Investment Advisors raised its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 2.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund 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 SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Transce3nd LLC acquired a new position in Otis Worldwide in the fourth quarter valued at $25,000. NBC Securities Inc. acquired a new position in shares of Otis Worldwide in the 1st quarter valued at about $25,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Otis Worldwide in the 4th quarter valued at about $28,000. Wayfinding Financial LLC bought a new stake in shares of Otis Worldwide during the 1st quarter valued at about $31,000. Finally, Flagship Wealth Advisors LLC acquired a new stake in Otis Worldwide during the fourth quarter worth approximately $34,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Trading Down 0.3%

Shares of Otis Worldwide stock opened at $99.51 on Monday. The business's fifty day simple moving average is $96.70 and its 200 day simple moving average is $96.82. Otis Worldwide Corporation has a 12 month low of $89.70 and a 12 month high of $106.83. The firm has a market capitalization of $39.27 billion, a P/E ratio of 26.12 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 EPS for the quarter, topping analysts' consensus estimates of $0.91 by $0.01. The company had revenue of $3.35 billion for the quarter, compared to analysts' expectations of $3.41 billion. Otis Worldwide had a negative return on equity of 31.72% and a net margin of 10.83%. The business's revenue for the quarter was down 2.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.88 EPS. Analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 16th were given a $0.42 dividend. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date of this dividend was Friday, May 16th. Otis Worldwide's dividend payout ratio (DPR) is currently 44.09%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on OTIS. Royal Bank Of Canada cut their price target on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday, April 28th. Barclays dropped their price objective on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research note on Friday, April 25th. Wells Fargo & Company boosted their target price on shares of Otis Worldwide from $95.00 to $100.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 1st. Finally, 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 report on Friday, May 16th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $101.43.

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.

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