Otis Worldwide Corporation (NYSE:OTIS) Holdings Boosted by Modera Wealth Management LLC

Key Points

• Modera Wealth Management LLC increased its holdings in Otis Worldwide Corporation by 8.4%, now owning 65,663 shares valued at approximately $6.78 million.
• Otis Worldwide's stock has been rated with an average "Hold" rating, with a consensus price target of $102.50 among analysts, many of whom have updated their price targets recently.
• The company announced a quarterly dividend of $0.42 per share, with a yield of 1.94%, set to be paid on September 5th.

Modera Wealth Management LLC grew its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 8.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 65,663 shares of the company's stock after acquiring an additional 5,109 shares during the period. Modera Wealth Management LLC's holdings in Otis Worldwide were worth $6,776,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. Transce3nd LLC acquired a new position in Otis Worldwide in the fourth quarter worth about $25,000. NBC Securities Inc. acquired a new position in Otis Worldwide in the first quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd acquired a new position in Otis Worldwide in the fourth quarter valued at approximately $28,000. Wayfinding Financial LLC acquired a new position in Otis Worldwide in the first quarter valued at approximately $31,000. Finally, Orion Capital Management LLC acquired a new position in Otis Worldwide in the fourth quarter valued at approximately $35,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have commented on OTIS shares. JPMorgan Chase & Co. decreased their target price on Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating for the company in a research note on Thursday, July 24th. Wolfe Research upgraded Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research note on Friday, July 25th. Barclays decreased their target price on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research note on Thursday, July 24th. Deutsche Bank Aktiengesellschaft initiated coverage on Otis Worldwide in a research note on Monday, July 14th. They issued a "hold" rating and a $109.00 target price for the company. Finally, Wells Fargo & Company cut their price target on Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating on the stock in a report on Thursday, July 24th. One 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. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $102.50.

Otis Worldwide Trading Down 1.0%

NYSE:OTIS traded down $0.87 during midday trading on Friday, hitting $84.82. 3,897,512 shares of the stock were exchanged, compared to its average volume of 3,107,193. Otis Worldwide Corporation has a one year low of $84.25 and a one year high of $106.83. The company has a market capitalization of $33.29 billion, a price-to-earnings ratio of 22.44, a P/E/G ratio of 4.11 and a beta of 0.95. The business has a 50-day moving average price of $95.84 and a two-hundred day moving average price of $97.08.

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

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Friday, August 15th will be issued a $0.42 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.68 annualized dividend and a dividend yield of 2.0%. Otis Worldwide's dividend payout ratio is currently 44.44%.

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.