Davis Rea LTD. Makes New $4.44 Million Investment in Otis Worldwide Corporation (NYSE:OTIS)

Davis Rea LTD. purchased a new position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 43,007 shares of the company's stock, valued at approximately $4,438,000.

Several other large investors have also made changes to their positions in the company. NBC Securities Inc. bought a new position in Otis Worldwide in the 1st quarter valued at approximately $25,000. Transce3nd LLC bought a new position in Otis Worldwide in the 4th quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd bought a new position in Otis Worldwide in the 4th quarter valued at approximately $28,000. Wayfinding Financial LLC bought a new position in Otis Worldwide in the 1st quarter valued at approximately $31,000. Finally, Orion Capital Management LLC bought a new position in shares of Otis Worldwide during the fourth quarter valued at $35,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Wall Street Analysts Forecast Growth

OTIS has been the subject of several analyst reports. Wolfe Research raised shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research note on Friday. Barclays dropped their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research note on Thursday. Morgan Stanley raised their price target on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. Royal Bank Of Canada lowered their target price on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a research note on Monday, April 28th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating for the company in a research note on Thursday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $102.50.

Otis Worldwide Stock Up 0.6%

NYSE:OTIS traded up $0.57 during trading hours on Friday, reaching $89.77. The company had a trading volume of 4,084,243 shares, compared to its average volume of 2,628,104. The firm has a market cap of $35.43 billion, a price-to-earnings ratio of 23.75, a P/E/G ratio of 2.44 and a beta of 0.98. The business's 50-day simple moving average is $96.96 and its two-hundred day simple moving average is $97.25. Otis Worldwide Corporation has a twelve month low of $86.00 and a twelve month high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.03 by $0.02. The firm had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.73 billion. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The business's revenue was down .2% on a year-over-year basis. During the same period last year, the company earned $1.06 earnings per share. As a group, equities analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 15th will be issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 1.87%. The ex-dividend date of this dividend is Friday, August 15th. Otis Worldwide's dividend payout ratio (DPR) is presently 44.44%.

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.