Otis Worldwide Co. (NYSE:OTIS) Shares Bought by Merit Financial Group LLC

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

Other large investors also recently bought and sold shares of the company. PineStone Asset Management Inc. lifted its position in Otis Worldwide by 4.2% in the fourth quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company's stock valued at $278,054,000 after buying an additional 121,322 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Otis Worldwide by 41.0% in the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock valued at $2,918,223,000 after buying an additional 8,161,946 shares during the last quarter. SVB Wealth LLC acquired a new position in Otis Worldwide in the fourth quarter valued at about $337,000. Clarkston Capital Partners LLC acquired a new position in Otis Worldwide in the fourth quarter valued at about $8,743,000. Finally, Charles Schwab Investment Management Inc. lifted its position in Otis Worldwide by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,304,482 shares of the company's stock valued at $213,418,000 after buying an additional 67,937 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the sale, the insider now directly owns 63,931 shares of the company's stock, valued at approximately $6,731,934.30. This represents a 9.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.23% of the company's stock.

Otis Worldwide Stock Performance

OTIS stock opened at $96.04 on Friday. The company's 50 day moving average price is $96.35 and its 200 day moving average price is $97.23. The firm 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 fifty-two week low of $89.70 and a fifty-two week high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, beating analysts' consensus estimates of $0.91 by $0.01. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. The company had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.41 billion. During the same period in the prior year, the firm posted $0.88 EPS. The company's quarterly revenue was down 2.5% compared to the same quarter last year. Equities analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of research analysts have commented on OTIS shares. JPMorgan Chase & Co. upped their target price on shares of Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Wells Fargo & Company cut their price target on shares of 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 cut their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research note on Friday, April 25th. Finally, 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 research note on Monday, April 28th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $100.71.

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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