2,724 Shares in Otis Worldwide Co. (NYSE:OTIS) Purchased by Miracle Mile Advisors LLC

Miracle Mile Advisors LLC purchased a new stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 2,724 shares of the company's stock, valued at approximately $281,000.

Several other institutional investors and hedge funds have also bought and sold shares of OTIS. Transce3nd LLC purchased a new position in Otis Worldwide in the 4th quarter worth approximately $25,000. NBC Securities Inc. bought a new position in Otis Worldwide in the first quarter worth approximately $25,000. Aster Capital Management DIFC Ltd purchased a new position in Otis Worldwide during the fourth quarter valued at $28,000. Centricity Wealth Management LLC bought a new position in shares of Otis Worldwide during the 4th quarter valued at approximately $33,000. Finally, Golden State Wealth Management LLC bought a new position in shares of Otis Worldwide in the fourth quarter worth approximately $34,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on OTIS. Wells Fargo & Company decreased their target price on 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. Barclays dropped their target price on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a report on Friday, April 25th. JPMorgan Chase & Co. increased their price objective 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. Finally, Royal Bank of Canada decreased their target price on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a research report on Monday, April 28th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, Otis Worldwide has an average rating of "Hold" and an average price target of $100.71.

Otis Worldwide Trading Up 1.5%

Shares of NYSE:OTIS traded up $1.45 on Thursday, reaching $96.85. The company had a trading volume of 2,405,966 shares, compared to its average volume of 2,315,608. The firm has a market capitalization of $38.22 billion, a PE ratio of 23.85 and a beta of 0.98. The firm's 50 day simple moving average is $96.01 and its 200-day simple moving average is $97.12. Otis Worldwide Co. has a 52-week low of $89.70 and a 52-week high of $106.83.

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

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 16th were issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.73%. The ex-dividend date of this dividend was Friday, May 16th. This is a boost from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's dividend payout ratio (DPR) is 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.