J.W. Cole Advisors Inc. Purchases 8,097 Shares of Otis Worldwide Corporation (NYSE:OTIS)

J.W. Cole Advisors Inc. grew its holdings in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 112.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,302 shares of the company's stock after acquiring an additional 8,097 shares during the quarter. J.W. Cole Advisors Inc.'s holdings in Otis Worldwide were worth $1,579,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of OTIS. Simon Quick Advisors LLC bought a new stake in Otis Worldwide in the 1st quarter valued at $443,000. SG Americas Securities LLC acquired a new position in shares of Otis Worldwide in the 1st quarter valued at $2,533,000. Quintet Private Bank Europe S.A. raised its stake in shares of Otis Worldwide by 3.4% in the 1st quarter. Quintet Private Bank Europe S.A. now owns 289,936 shares of the company's stock valued at $29,921,000 after buying an additional 9,467 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in shares of Otis Worldwide by 362.4% in the 1st quarter. Assenagon Asset Management S.A. now owns 438,896 shares of the company's stock valued at $45,294,000 after buying an additional 343,987 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC acquired a new position in shares of Otis Worldwide in the 1st quarter valued at $225,000. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Stock Up 0.6%

Otis Worldwide stock traded up $0.57 during mid-day trading on Friday, hitting $89.77. 4,084,243 shares of the company were exchanged, compared to its average volume of 2,628,104. The business has a fifty day moving average of $96.96 and a 200 day moving average of $97.29. The company has a market capitalization of $35.43 billion, a PE ratio of 23.75, a price-to-earnings-growth ratio of 2.46 and a beta of 0.98. Otis Worldwide Corporation has a 1-year low of $86.00 and a 1-year high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $1.03 by $0.02. The company had revenue of $3.60 billion for the quarter, compared to analysts' expectations of $3.73 billion. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%. The business's revenue for the quarter was down .2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.06 earnings per share. Research analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm 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. This represents a $1.68 annualized dividend and a dividend yield of 1.87%. The ex-dividend date is Friday, August 15th. Otis Worldwide's payout ratio is presently 44.44%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on OTIS shares. Deutsche Bank Aktiengesellschaft started coverage on shares of Otis Worldwide in a research note on Monday, July 14th. They issued a "hold" rating and a $109.00 price objective for the company. Wolfe Research upgraded shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research note on Friday. Wells Fargo & Company dropped their price objective on Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating for the company in a research note on Thursday. Morgan Stanley increased their price objective on Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Finally, Barclays dropped their price objective on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Otis Worldwide presently has an average rating of "Hold" and an average price target of $102.50.

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.