Louisbourg Investments Inc. Has $2.47 Million Holdings in Otis Worldwide Co. (NYSE:OTIS)

Louisbourg Investments Inc. decreased its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 25.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 23,891 shares of the company's stock after selling 8,273 shares during the quarter. Louisbourg Investments Inc.'s holdings in Otis Worldwide were worth $2,466,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in OTIS. Empowered Funds LLC boosted its holdings in Otis Worldwide by 11.6% during the fourth quarter. Empowered Funds LLC now owns 8,131 shares of the company's stock worth $753,000 after purchasing an additional 845 shares during the last quarter. Asset Management One Co. Ltd. boosted its holdings in Otis Worldwide by 1.9% during the fourth quarter. Asset Management One Co. Ltd. now owns 150,615 shares of the company's stock worth $14,086,000 after purchasing an additional 2,807 shares during the last quarter. Vontobel Holding Ltd. boosted its holdings in Otis Worldwide by 1.4% during the fourth quarter. Vontobel Holding Ltd. now owns 10,401 shares of the company's stock worth $963,000 after purchasing an additional 141 shares during the last quarter. Allworth Financial LP boosted its holdings in Otis Worldwide by 529.2% during the fourth quarter. Allworth Financial LP now owns 28,124 shares of the company's stock worth $2,683,000 after purchasing an additional 23,654 shares during the last quarter. Finally, Venturi Wealth Management LLC boosted its holdings in Otis Worldwide by 223.0% during the fourth quarter. Venturi Wealth Management LLC now owns 927 shares of the company's stock worth $86,000 after purchasing an additional 640 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

Analyst Ratings Changes

OTIS has been the subject of several recent research reports. Wells Fargo & Company reduced their target price 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. Royal Bank of Canada dropped their price target on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a research report on Monday, April 28th. Barclays dropped 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. Finally, JPMorgan Chase & Co. upped their price target on shares of Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $100.71.

Otis Worldwide Price Performance

Shares of OTIS opened at $96.38 on Tuesday. The firm has a market capitalization of $38.04 billion, a PE ratio of 23.74 and a beta of 0.98. The company's 50-day moving average is $96.32 and its 200-day moving average is $96.92. Otis Worldwide Co. has a fifty-two week low of $89.70 and a fifty-two week high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.01. The company had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. The company's revenue was down 2.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.88 earnings per share. Analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently declared 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 dividend on an annualized basis and a yield of 1.74%. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date of this dividend was Friday, May 16th. Otis Worldwide's dividend payout ratio (DPR) is currently 44.09%.

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.

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