Otis Worldwide Corporation (NYSE:OTIS) Shares Bought by Arkadios Wealth Advisors

Key Points

• Arkadios Wealth Advisors increased its holdings in Otis Worldwide Corporation by 106.3%, reaching a total of 6,181 shares worth $638,000 at the end of the most recent quarter.
• Otis Worldwide reported a net margin of 10.68% for the most recent quarter, along with earnings per share (EPS) of $1.05, which exceeded analysts' expectations of $1.03.
• The company recently announced a quarterly dividend of $0.42, equating to an annualized dividend yield of 2.0% for shareholders.

Arkadios Wealth Advisors increased its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 106.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,181 shares of the company's stock after buying an additional 3,185 shares during the period. Arkadios Wealth Advisors' holdings in Otis Worldwide were worth $638,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Coldstream Capital Management Inc. grew its stake in Otis Worldwide by 4.2% in the fourth quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company's stock valued at $249,000 after purchasing an additional 109 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. boosted its holdings 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 acquiring an additional 110 shares in the last quarter. AlTi Global Inc. boosted its holdings in Otis Worldwide by 4.9% in the fourth quarter. AlTi Global Inc. now owns 2,404 shares of the company's stock worth $223,000 after acquiring an additional 113 shares in the last quarter. Reynders McVeigh Capital Management LLC boosted its holdings in Otis Worldwide by 6.9% in the fourth quarter. Reynders McVeigh Capital Management LLC now owns 2,247 shares of the company's stock worth $208,000 after acquiring an additional 145 shares in the last quarter. Finally, Graypoint LLC boosted its holdings in Otis Worldwide by 3.4% in the first quarter. Graypoint LLC now owns 4,414 shares of the company's stock worth $456,000 after acquiring an additional 147 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Royal Bank Of Canada lowered their price target on Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, July 28th. Deutsche Bank Aktiengesellschaft assumed coverage on Otis Worldwide in a report on Monday, July 14th. They issued a "hold" rating and a $109.00 price target for the company. Barclays lowered their price target on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a report on Thursday, July 24th. Wells Fargo & Company lowered their price target on Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating for the company in a report on Thursday, July 24th. Finally, JPMorgan Chase & Co. decreased their target price on Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating for the company in a report on Thursday, July 24th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $102.50.

Otis Worldwide Stock Up 0.5%

Shares of Otis Worldwide stock traded up $0.44 on Monday, reaching $85.37. 3,632,597 shares of the stock were exchanged, compared to its average volume of 3,302,075. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month high of $106.83. The firm has a market capitalization of $33.50 billion, a price-to-earnings ratio of 22.58, a PEG ratio of 4.08 and a beta of 0.95. The business has a 50 day moving average price of $95.61 and a two-hundred day moving average price of $97.07.

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

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Friday, August 15th will be issued a $0.42 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.68 dividend on an annualized basis and a yield of 2.0%. Otis Worldwide's payout ratio is presently 44.44%.

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.