HB Wealth Management LLC Has $2.10 Million Position in Otis Worldwide Corporation (NYSE:OTIS)

Key Points

• HB Wealth Management LLC increased its holdings in Otis Worldwide by 25.3% in Q1, owning a total of 20,315 shares valued at approximately $2.1 million.
• Otis Worldwide's stock is currently trading at $87.28, having decreased by 0.7% recently, with a market cap of $34.25 billion.
• The company declared a quarterly dividend of $0.42, which will be paid to shareholders on September 5th, resulting in an annual yield of 1.92%.

HB Wealth Management LLC grew its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 25.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 20,315 shares of the company's stock after purchasing an additional 4,106 shares during the period. HB Wealth Management LLC's holdings in Otis Worldwide were worth $2,097,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Transce3nd LLC purchased a new stake in Otis Worldwide during the fourth quarter valued at about $25,000. NBC Securities Inc. acquired a new position in Otis Worldwide in the 1st quarter worth approximately $25,000. Aster Capital Management DIFC Ltd purchased a new position in Otis Worldwide during the 4th quarter worth approximately $28,000. Wayfinding Financial LLC acquired a new stake in Otis Worldwide during the 1st quarter valued at $31,000. Finally, Orion Capital Management LLC purchased a new stake in shares of Otis Worldwide in the fourth quarter valued at $35,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Otis Worldwide Trading Down 1.4%

NYSE OTIS traded down $1.22 during trading on Friday, hitting $84.47. 1,593,968 shares of the company traded hands, compared to its average volume of 2,664,847. Otis Worldwide Corporation has a 12 month low of $84.25 and a 12 month high of $106.83. The business has a fifty day simple moving average of $96.08 and a 200 day simple moving average of $97.12. The company has a market capitalization of $33.15 billion, a P/E ratio of 22.35, a PEG ratio of 4.15 and a beta of 0.98.

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 for the quarter, beating analysts' consensus estimates of $1.03 by $0.02. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.73 billion. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%. The firm's revenue was down .2% compared to the same quarter last year. During the same period last year, the business earned $1.06 EPS. Equities research analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently disclosed 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 dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, August 15th. Otis Worldwide's dividend payout ratio is currently 44.44%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on OTIS. Barclays lowered their price target on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a report on Thursday, July 24th. Wells Fargo & Company dropped their target price on Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating on the stock in a report on Thursday, July 24th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Otis Worldwide in a report on Monday, July 14th. They set a "hold" rating and a $109.00 price target for the company. Royal Bank Of Canada cut their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a research report on Monday. Finally, JPMorgan Chase & Co. cut their price objective on Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating for the company in a report on Thursday, July 24th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $102.50.

Otis Worldwide 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.