Financial Advisors Network Inc. Has $4.94 Million Holdings in Otis Worldwide Corporation $OTIS

Key Points

• Financial Advisors Network Inc. increased its holdings in Otis Worldwide by 548.6% during the first quarter, owning 47,908 shares valued at approximately $4.94 million.
• Institutional investors control 88.03% of Otis Worldwide's stock, with notable increases from firms like JPMorgan Chase & Co. and Vanguard Group Inc.
• The company announced a quarterly dividend of $0.42 per share, translating to an annual yield of 1.9%, with the ex-dividend date set for August 15th.

Financial Advisors Network Inc. grew its holdings in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 548.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 47,908 shares of the company's stock after purchasing an additional 40,522 shares during the quarter. Otis Worldwide makes up approximately 0.8% of Financial Advisors Network Inc.'s holdings, making the stock its 29th biggest holding. Financial Advisors Network Inc.'s holdings in Otis Worldwide were worth $4,944,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. JPMorgan Chase & Co. grew its holdings in shares of Otis Worldwide by 6.7% in the 1st quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company's stock valued at $3,913,347,000 after buying an additional 2,396,134 shares during the period. Vanguard Group Inc. grew its stake in Otis Worldwide by 3.5% in the first quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company's stock valued at $4,808,634,000 after acquiring an additional 1,591,450 shares during the period. Nuveen LLC bought a new stake in shares of Otis Worldwide in the first quarter worth about $91,989,000. GAMMA Investing LLC increased its holdings in shares of Otis Worldwide by 12,162.8% in the first quarter. GAMMA Investing LLC now owns 820,750 shares of the company's stock worth $84,701,000 after acquiring an additional 814,057 shares in the last quarter. Finally, BNP Paribas Financial Markets acquired a new stake in shares of Otis Worldwide during the fourth quarter worth about $66,962,000. 88.03% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently issued reports on OTIS shares. Barclays lowered their target price on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research note on Thursday, July 24th. Morgan Stanley boosted their price objective on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft assumed coverage on Otis Worldwide in a report on Monday, July 14th. They set a "hold" rating and a $109.00 target price for the company. JPMorgan Chase & Co. cut their price target on Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating on the stock in a report on Thursday, July 24th. Finally, Royal Bank Of Canada decreased their price objective on Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, July 28th. One equities research 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 MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $102.50.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $87.37 on Monday. The company has a market cap of $34.29 billion, a price-to-earnings ratio of 23.11, a P/E/G ratio of 4.21 and a beta of 0.95. The firm has a 50-day moving average of $94.17 and a 200-day moving average of $96.54. Otis Worldwide Corporation has a one year low of $84.25 and a one year high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.02. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.73 billion. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%. Otis Worldwide's revenue was down .2% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.06 earnings per share. As a group, sell-side analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The company also recently announced 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 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Friday, August 15th. Otis Worldwide's payout ratio 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.

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