D.A. Davidson & CO. Grows Position in Otis Worldwide Corporation (NYSE:OTIS)

D.A. Davidson & CO. raised its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 307.5% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 54,813 shares of the company's stock after purchasing an additional 41,363 shares during the period. D.A. Davidson & CO.'s holdings in Otis Worldwide were worth $5,657,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. NBC Securities Inc. acquired a new stake in Otis Worldwide in the first quarter valued at $25,000. Transce3nd LLC acquired a new stake in Otis Worldwide in the fourth quarter valued at $25,000. Aster Capital Management DIFC Ltd acquired a new stake in Otis Worldwide in the fourth quarter valued at $28,000. Flagship Wealth Advisors LLC acquired a new stake in Otis Worldwide in the fourth quarter valued at $34,000. Finally, Orion Capital Management LLC acquired a new stake in Otis Worldwide in the fourth quarter valued at $35,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Analyst Ratings Changes

Several analysts have weighed in on OTIS shares. Royal Bank Of Canada lowered their target price on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday, April 28th. Barclays decreased their price objective on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research note on Friday, April 25th. Wells Fargo & Company increased their price objective on Otis Worldwide from $95.00 to $100.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 1st. Finally, JPMorgan Chase & Co. increased their price objective on Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $101.43.

Otis Worldwide Stock Performance

NYSE OTIS traded down $0.29 during trading hours on Friday, hitting $99.51. 1,052,322 shares of the company's stock were exchanged, compared to its average volume of 2,332,362. The business's 50 day moving average is $96.70 and its 200-day moving average is $96.82. Otis Worldwide Corporation has a 12-month low of $89.70 and a 12-month high of $106.83. The firm has a market capitalization of $39.27 billion, a P/E ratio of 26.12 and a beta of 0.98.

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, topping the consensus estimate of $0.91 by $0.01. Otis Worldwide had a negative return on equity of 31.72% and a net margin of 10.83%. The firm 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 business posted $0.88 earnings per share. The firm's revenue for the quarter was down 2.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 16th were given a dividend of $0.42 per share. 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 annualized dividend and a yield of 1.69%. Otis Worldwide's dividend payout ratio is 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.