Otis Worldwide Co. (NYSE:OTIS) Shares Acquired by Procyon Advisors LLC

Procyon Advisors LLC boosted its position in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 293.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,528 shares of the company's stock after purchasing an additional 6,360 shares during the period. Procyon Advisors LLC's holdings in Otis Worldwide were worth $880,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in OTIS. Coldstream Capital Management Inc. grew its stake in shares of Otis Worldwide by 4.2% in the 4th quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company's stock worth $249,000 after purchasing an additional 109 shares during the last quarter. Montis Financial LLC boosted its holdings in Otis Worldwide by 5.2% during the fourth quarter. Montis Financial LLC now owns 2,216 shares of the company's stock worth $205,000 after buying an additional 110 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. grew its position in Otis Worldwide by 15.3% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 828 shares of the company's stock worth $85,000 after buying an additional 110 shares during the last quarter. AlTi Global Inc. increased its holdings 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 in the last quarter. Finally, Dorsey & Whitney Trust CO LLC lifted its position in shares of Otis Worldwide by 1.7% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company's stock valued at $643,000 after acquiring an additional 114 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Barclays decreased their target price on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a report on Friday, April 25th. Royal Bank of Canada dropped their price target on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a research note on Monday, April 28th. JPMorgan Chase & Co. upped their price objective 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 decreased their target price on shares of Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating for the company in a report on Thursday, April 24th. Two 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. According to data from MarketBeat.com, Otis Worldwide has an average rating of "Hold" and a consensus target price of $100.71.

Insider Buying and Selling at Otis Worldwide

In other news, insider Montlivault Stephane De sold 6,660 shares of the firm's stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the sale, the insider now directly owns 63,931 shares of the company's stock, valued at $6,731,934.30. This trade represents a 9.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.23% of the company's stock.

Otis Worldwide Trading Up 0.8%

Shares of OTIS stock opened at $96.04 on Friday. The company has a market capitalization of $37.90 billion, a price-to-earnings ratio of 23.66 and a beta of 1.01. Otis Worldwide Co. has a 1-year low of $89.70 and a 1-year high of $106.83. The stock's fifty day simple moving average is $96.35 and its 200-day simple moving average is $97.21.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.01. The company had revenue of $3.35 billion for 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 revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.88 EPS. On average, sell-side analysts predict that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 16th were given a $0.42 dividend. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date was Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a yield of 1.75%. Otis Worldwide's dividend payout ratio is presently 44.09%.

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.

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