IFP Advisors Inc boosted its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 559.8% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,058 shares of the company's stock after purchasing an additional 9,382 shares during the period. IFP Advisors Inc's holdings in Otis Worldwide were worth $1,141,000 at the end of the most recent reporting period.
Several other large investors also recently added to or reduced their stakes in the business. Transce3nd LLC bought a new stake in shares of Otis Worldwide during the 4th quarter worth $25,000. NBC Securities Inc. bought a new stake in shares of Otis Worldwide during the 1st quarter worth $25,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Otis Worldwide during the 4th quarter worth $28,000. Wayfinding Financial LLC bought a new stake in shares of Otis Worldwide during the 1st quarter worth $31,000. Finally, Orion Capital Management LLC bought a new stake in shares of Otis Worldwide during the 4th quarter worth $35,000. 88.03% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of brokerages have weighed in on OTIS. JPMorgan Chase & Co. reduced their price target on shares of Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating for the company in a report on Thursday. Barclays reduced their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a report on Thursday. Morgan Stanley increased their price target on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. Wolfe Research raised shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a report on Friday. Finally, Royal Bank Of Canada reduced their price target on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, April 28th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $102.50.
Check Out Our Latest Stock Analysis on OTIS
Otis Worldwide Stock Performance
Shares of OTIS stock traded up $0.57 during mid-day trading on Friday, reaching $89.77. The company's stock had a trading volume of 4,084,243 shares, compared to its average volume of 2,628,104. Otis Worldwide Corporation has a 1-year low of $86.00 and a 1-year high of $106.83. The company has a market cap of $35.43 billion, a P/E ratio of 23.75, a PEG ratio of 2.44 and a beta of 0.98. The firm's 50-day moving average is $96.96 and its two-hundred day moving average is $97.25.
Otis Worldwide (NYSE:OTIS - Get Free Report) last announced 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. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The company had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.73 billion. During the same quarter in the prior year, the company posted $1.06 EPS. The business's revenue was down .2% on a year-over-year basis. Sell-side analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current year.
Otis Worldwide Announces Dividend
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 given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date of this dividend is Friday, August 15th. Otis Worldwide's dividend payout ratio (DPR) is currently 44.44%.
About Otis Worldwide
(
Free Report)
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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