Merit Financial Group LLC Raises Holdings in Otis Worldwide Co. (NYSE:OTIS)

Merit Financial Group LLC boosted its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 51.6% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 16,355 shares of the company's stock after acquiring an additional 5,565 shares during the period. Merit Financial Group LLC's holdings in Otis Worldwide were worth $1,688,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of OTIS. Transce3nd LLC bought a new stake in shares of Otis Worldwide in the 4th quarter worth about $25,000. NBC Securities Inc. bought a new position in shares of Otis Worldwide in the 1st quarter worth $25,000. Aster Capital Management DIFC Ltd bought a new position in Otis Worldwide in the fourth quarter worth about $28,000. Centricity Wealth Management LLC purchased a new stake in Otis Worldwide during the fourth quarter valued at approximately $33,000. Finally, Golden State Wealth Management LLC acquired a new stake in Otis Worldwide in the fourth quarter valued at approximately $34,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on OTIS shares. JPMorgan Chase & Co. lifted their target price on shares of Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Wells Fargo & Company decreased their target price on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating for the company in a report on Thursday, April 24th. Royal Bank of Canada cut their price target on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday, April 28th. Finally, Barclays decreased their price objective on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research note on Friday, April 25th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $100.71.

Otis Worldwide Trading Down 0.0%

Otis Worldwide stock traded down $0.04 during mid-day trading on Tuesday, hitting $95.28. The company had a trading volume of 1,852,283 shares, compared to its average volume of 2,313,491. The company's fifty day moving average is $96.00 and its 200-day moving average is $97.13. Otis Worldwide Co. has a 12-month low of $89.70 and a 12-month high of $106.83. The company has a market capitalization of $37.61 billion, a price-to-earnings ratio of 23.47 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, topping the consensus estimate 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%. Otis Worldwide's quarterly revenue was down 2.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.88 EPS. As a group, sell-side analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 16th were issued 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 1.76%. Otis Worldwide's dividend payout ratio is presently 44.09%.

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.