LPL Financial LLC Increases Stake in Otis Worldwide Corporation (NYSE:OTIS)

Key Points

• LPL Financial LLC increased its holdings in Otis Worldwide Corporation by 12.3%, acquiring an additional 25,878 shares, bringing their total to 235,941 shares valued at approximately $24.35 million.
• Otis Worldwide reported $1.05 EPS in its latest earnings, surpassing analysts' expectations of $1.03, despite experiencing a 0.2% year-over-year revenue decline.
• The company declared a quarterly dividend of $0.42 to be paid on September 5th, with a 2.0% dividend yield and a payout ratio of 44.44%.

LPL Financial LLC grew its stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 12.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 235,941 shares of the company's stock after buying an additional 25,878 shares during the quarter. LPL Financial LLC owned 0.06% of Otis Worldwide worth $24,349,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of OTIS. Coldstream Capital Management Inc. grew its holdings in Otis Worldwide by 4.2% in the fourth quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company's stock valued at $249,000 after purchasing an additional 109 shares during the period. Thurston Springer Miller Herd & Titak Inc. raised its position in shares of Otis Worldwide by 15.3% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 828 shares of the company's stock valued at $85,000 after buying an additional 110 shares during the last quarter. AlTi Global Inc. raised its position in shares of Otis Worldwide by 4.9% in the fourth quarter. AlTi Global Inc. now owns 2,404 shares of the company's stock valued at $223,000 after buying an additional 113 shares during the last quarter. Reynders McVeigh Capital Management LLC lifted its stake in shares of Otis Worldwide by 6.9% in the fourth quarter. Reynders McVeigh Capital Management LLC now owns 2,247 shares of the company's stock worth $208,000 after buying an additional 145 shares in the last quarter. Finally, Graypoint LLC grew its stake in Otis Worldwide by 3.4% during the 1st quarter. Graypoint LLC now owns 4,414 shares of the company's stock valued at $456,000 after acquiring an additional 147 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

Analysts Set New Price Targets

OTIS has been the topic of a number of research reports. Royal Bank Of Canada decreased their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating on the stock in a research note on Monday, July 28th. Wells Fargo & Company lowered 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, July 24th. JPMorgan Chase & Co. reduced their price target on Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating on the stock in a report on Thursday, July 24th. Deutsche Bank Aktiengesellschaft began coverage on shares of Otis Worldwide in a report on Monday, July 14th. They issued a "hold" rating and a $109.00 price objective for the company. Finally, Wolfe Research upgraded shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a report on Friday, July 25th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $102.50.

Otis Worldwide Trading Up 0.5%

Shares of NYSE:OTIS traded up $0.44 on Monday, hitting $85.37. The company had a trading volume of 3,632,597 shares, compared to its average volume of 3,302,075. The company has a market cap of $33.50 billion, a PE ratio of 22.58, a PEG ratio of 4.08 and a beta of 0.95. Otis Worldwide Corporation has a 52-week low of $84.25 and a 52-week high of $106.83. The business has a 50 day moving average of $95.61 and a 200 day moving average of $97.07.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, topping analysts' consensus estimates of $1.03 by $0.02. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.73 billion. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The company's quarterly revenue was down .2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.06 earnings per share. As a group, equities analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently declared 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. This represents a $1.68 dividend on an annualized basis 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%.

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.