Natixis Advisors LLC Buys 44,957 Shares of Otis Worldwide Corporation (NYSE:OTIS)

Key Points

• Natixis Advisors LLC increased its stake in Otis Worldwide by 16.0%, acquiring an additional 44,957 shares, bringing its total to 325,875 shares valued at approximately $33.63 million.
• Several analysts have adjusted their price targets for Otis Worldwide, with JPMorgan Chase lowering it to $101.00 and Morgan Stanley raising it to $105.00, leading to a consensus rating of "Hold" and an average price target of $102.50.
• Otis Worldwide announced a quarterly dividend of $0.42 per share, with a payment date set for September 5th, representing an annualized yield of 2.0%.

Natixis Advisors LLC grew its stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 16.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 325,875 shares of the company's stock after purchasing an additional 44,957 shares during the quarter. Natixis Advisors LLC owned approximately 0.08% of Otis Worldwide worth $33,630,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of OTIS. NorthRock Partners LLC raised its stake in Otis Worldwide by 6.9% during the first quarter. NorthRock Partners LLC now owns 6,732 shares of the company's stock valued at $695,000 after buying an additional 433 shares in the last quarter. Modera Wealth Management LLC raised its stake in Otis Worldwide by 8.4% during the first quarter. Modera Wealth Management LLC now owns 65,663 shares of the company's stock valued at $6,776,000 after buying an additional 5,109 shares in the last quarter. Mesirow Financial Investment Management Inc. raised its holdings in shares of Otis Worldwide by 5.4% during the first quarter. Mesirow Financial Investment Management Inc. now owns 6,831 shares of the company's stock worth $705,000 after purchasing an additional 351 shares during the period. Arkadios Wealth Advisors grew its position in shares of Otis Worldwide by 106.3% during the 1st quarter. Arkadios Wealth Advisors now owns 6,181 shares of the company's stock valued at $638,000 after buying an additional 3,185 shares during the last quarter. Finally, XTX Topco Ltd grew its position in shares of Otis Worldwide by 208.1% during the 1st quarter. XTX Topco Ltd now owns 27,251 shares of the company's stock valued at $2,812,000 after buying an additional 18,407 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

Otis Worldwide Stock Performance

NYSE:OTIS traded up $0.53 on Tuesday, hitting $85.94. 2,900,863 shares of the stock were exchanged, compared to its average volume of 2,688,853. Otis Worldwide Corporation has a 52 week low of $84.25 and a 52 week high of $106.83. The company's 50-day moving average price is $95.61 and its 200 day moving average price is $97.07. The stock has a market capitalization of $33.73 billion, a price-to-earnings ratio of 22.75, a P/E/G ratio of 4.08 and a beta of 0.95.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $3.73 billion. During the same quarter in the prior year, the firm posted $1.06 EPS. The business's revenue was down .2% on a year-over-year basis. As a group, equities research analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Friday, August 15th will be issued a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.0%. Otis Worldwide's dividend payout ratio (DPR) is currently 44.44%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft began coverage on shares of Otis Worldwide in a research report on Monday, July 14th. They set a "hold" rating and a $109.00 price objective for the company. JPMorgan Chase & Co. decreased their price target on shares of Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating for the company in a report on Thursday, July 24th. Morgan Stanley lifted their price target on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Wolfe Research upgraded shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research note on Friday, July 25th. Finally, Barclays reduced their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research note on Thursday, July 24th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $102.50.

Otis Worldwide Company 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.