Lifeworks Advisors LLC Has $5.79 Million Position in Otis Worldwide Corporation (NYSE:OTIS)

Lifeworks Advisors LLC lifted its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 5.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 56,115 shares of the company's stock after acquiring an additional 3,105 shares during the quarter. Otis Worldwide accounts for 1.0% of Lifeworks Advisors LLC's portfolio, making the stock its 28th largest holding. Lifeworks Advisors LLC's holdings in Otis Worldwide were worth $5,791,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. JPMorgan Chase & Co. lifted its holdings in shares of Otis Worldwide by 26.5% during the fourth quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company's stock worth $3,289,868,000 after buying an additional 7,447,860 shares during the last quarter. Geode Capital Management LLC boosted 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 purchasing an additional 95,035 shares during the period. Franklin Resources Inc. grew its stake in Otis Worldwide by 5.9% in the fourth quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company's stock valued at $720,980,000 after purchasing an additional 435,372 shares in the last quarter. Norges Bank bought a new stake in shares of Otis Worldwide during the 4th quarter worth approximately $649,883,000. Finally, Grantham Mayo Van Otterloo & Co. LLC boosted its holdings in shares of Otis Worldwide by 1.2% in the 4th quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 5,159,105 shares of the company's stock valued at $477,785,000 after buying an additional 60,564 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

Otis Worldwide Stock Down 1.3%

Shares of OTIS traded down $1.14 during midday trading on Monday, reaching $88.65. 2,135,102 shares of the stock were exchanged, compared to its average volume of 2,634,487. The stock's 50 day simple moving average is $96.96 and its 200 day simple moving average is $97.32. The company has a market cap of $34.99 billion, a P/E ratio of 23.45, a PEG ratio of 4.30 and a beta of 0.98. Otis Worldwide Corporation has a twelve month low of $86.00 and a twelve month high of $106.83.

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, topping the consensus estimate 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 business had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.73 billion. During the same quarter in the previous year, the company earned $1.06 EPS. The business's revenue was down .2% on a year-over-year basis. As a group, analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Friday, August 15th will be paid a dividend of $0.42 per share. The ex-dividend date is Friday, August 15th. This represents a $1.68 dividend on an annualized basis and a yield of 1.90%. Otis Worldwide's dividend payout ratio (DPR) is presently 44.44%.

Analyst Upgrades and Downgrades

OTIS has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft started coverage on shares of Otis Worldwide in a report on Monday, July 14th. They set a "hold" rating and a $109.00 target price on the stock. JPMorgan Chase & Co. dropped their target price on shares of Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating on the stock in a report on Thursday. Morgan Stanley raised their target price on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. Wells Fargo & Company dropped their price objective on Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating on the stock in a research note on Thursday. Finally, Royal Bank Of Canada reduced their target price on Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a research note on Monday. 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 stock. Based on data from MarketBeat, Otis Worldwide has a consensus rating of "Hold" and a consensus target price of $102.50.

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.