Investment Research & Advisory Group Inc. Acquires 2,998 Shares of Otis Worldwide Corporation (NYSE:OTIS)

Investment Research & Advisory Group Inc. increased its stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 17.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 19,870 shares of the company's stock after acquiring an additional 2,998 shares during the period. Investment Research & Advisory Group Inc.'s holdings in Otis Worldwide were worth $2,051,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings 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 holdings in Otis Worldwide by 26.5% during the 4th quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company's stock valued at $3,289,868,000 after purchasing an additional 7,447,860 shares during the period. Geode Capital Management LLC raised its position in Otis Worldwide by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 11,126,735 shares of the company's stock valued at $1,031,787,000 after purchasing an additional 95,035 shares during the last quarter. Franklin Resources Inc. lifted its holdings 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 buying an additional 435,372 shares during the period. Finally, Norges Bank bought a new position in shares of Otis Worldwide during the fourth quarter valued at approximately $649,883,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on OTIS shares. Royal Bank Of Canada cut their price target on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday, April 28th. Barclays reduced their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research report on Friday, April 25th. Wells Fargo & Company lowered their price objective on shares of Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating for the company in a report on Thursday, April 24th. Finally, JPMorgan Chase & Co. upped their target price on Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $100.71.

Otis Worldwide Trading Down 1.7%

OTIS traded down $1.65 during midday trading on Friday, reaching $94.02. The company's stock had a trading volume of 4,536,389 shares, compared to its average volume of 2,327,046. The stock's 50-day moving average is $96.39 and its 200-day moving average is $96.86. Otis Worldwide Corporation has a 1 year low of $89.70 and a 1 year high of $106.83. The firm has a market capitalization of $37.11 billion, a price-to-earnings ratio of 24.68 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.01. Otis Worldwide had a negative return on equity of 31.72% and a net margin of 10.83%. The company had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.41 billion. During the same quarter in the prior year, the business posted $0.88 EPS. The firm's quarterly revenue was down 2.5% compared to the same quarter last year. As a group, equities 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 disclosed a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 16th were given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 1.79%. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date was Friday, May 16th. Otis Worldwide's dividend payout ratio is 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.