Milestone Asset Management Group LLC Invests $495,000 in Otis Worldwide Co. (NYSE:OTIS)

Milestone Asset Management Group LLC acquired a new stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 5,348 shares of the company's stock, valued at approximately $495,000.

Several other hedge funds also recently made changes to their positions in OTIS. JPMorgan Chase & Co. grew its holdings in shares of Otis Worldwide by 41.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock worth $2,918,223,000 after acquiring an additional 8,161,946 shares during the last quarter. Norges Bank acquired a new position in Otis Worldwide in the 4th quarter worth approximately $649,883,000. BNP Paribas Financial Markets acquired a new stake in Otis Worldwide during the 4th quarter valued at $66,962,000. Northern Trust Corp lifted its holdings in shares of Otis Worldwide by 12.3% in the fourth quarter. Northern Trust Corp now owns 4,577,626 shares of the company's stock valued at $423,934,000 after purchasing an additional 501,016 shares in the last quarter. Finally, Franklin Resources Inc. boosted its position in shares of Otis Worldwide by 5.9% in the fourth 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. Institutional investors and hedge funds own 88.03% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Barclays decreased 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 Friday, April 25th. Royal Bank of Canada reduced their price target on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, April 28th. JPMorgan Chase & Co. lifted their target price on shares of Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. Finally, Wells Fargo & Company dropped their price target on shares of Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Thursday, April 24th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $100.71.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock traded up $0.20 on Friday, reaching $95.36. The stock had a trading volume of 3,846,113 shares, compared to its average volume of 2,338,427. Otis Worldwide Co. has a fifty-two week low of $89.70 and a fifty-two week high of $106.83. The business's 50-day moving average price is $97.14 and its two-hundred day moving average price is $97.40. The stock has a market cap of $37.64 billion, a P/E ratio of 23.49 and a beta of 1.01.

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

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 16th will be paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 1.76%. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date is Friday, May 16th. Otis Worldwide's payout ratio is currently 44.09%.

Insider Buying and Selling at Otis Worldwide

In other news, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the transaction, the insider now owns 63,931 shares in the company, valued at approximately $6,731,934.30. This represents a 9.43% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.23% of the company's stock.

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.