Graybill Wealth Management LTD. Purchases New Stake in Otis Worldwide Corporation (NYSE:OTIS)

Graybill Wealth Management LTD. bought a new stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 53,832 shares of the company's stock, valued at approximately $5,555,000. Otis Worldwide accounts for approximately 1.9% of Graybill Wealth Management LTD.'s investment portfolio, making the stock its 23rd biggest position.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Otis Worldwide by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 45,003,843 shares of the company's stock worth $4,167,806,000 after acquiring an additional 149,123 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Otis Worldwide by 26.5% in the 4th quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company's stock worth $3,289,868,000 after acquiring an additional 7,447,860 shares during the last quarter. Geode Capital Management LLC increased its stake in Otis Worldwide by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 11,126,735 shares of the company's stock worth $1,031,787,000 after acquiring an additional 95,035 shares during the last quarter. Franklin Resources Inc. increased its stake in Otis Worldwide by 5.9% in the 4th quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company's stock worth $720,980,000 after acquiring an additional 435,372 shares during the last quarter. Finally, Norges Bank bought a new stake in Otis Worldwide in the 4th quarter worth approximately $649,883,000. Institutional investors own 88.03% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on OTIS. Morgan Stanley lifted their target price on Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Royal Bank Of Canada dropped their target price on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, April 28th. Barclays lifted their target price on Otis Worldwide from $90.00 to $92.00 and gave the stock an "underweight" rating in a report on Wednesday, July 9th. JPMorgan Chase & Co. upgraded Otis Worldwide from a "neutral" rating to an "overweight" rating and boosted their price objective for the company from $101.00 to $109.00 in a report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft began coverage on Otis Worldwide in a report on Monday. They issued a "hold" rating and a $109.00 target price for the company. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Otis Worldwide has an average rating of "Hold" and an average price target of $104.63.

Otis Worldwide Price Performance

Otis Worldwide stock traded up $0.26 during trading hours on Thursday, hitting $100.60. 386,143 shares of the stock traded hands, compared to its average volume of 2,312,900. Otis Worldwide Corporation has a 1 year low of $89.70 and a 1 year high of $106.83. The stock has a market capitalization of $39.70 billion, a price-to-earnings ratio of 26.42, a P/E/G ratio of 2.69 and a beta of 0.98. The firm's 50 day moving average price is $97.25 and its 200-day moving average price is $97.11.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (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 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%. Otis Worldwide's revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.88 earnings per share. Research analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share 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 issued a dividend of $0.42 per share. The ex-dividend date was Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.67%. This is a boost from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's dividend payout ratio is presently 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.