Perigon Wealth Management LLC Decreases Position in Otis Worldwide Corporation (NYSE:OTIS)

Perigon Wealth Management LLC cut its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 20.7% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 13,477 shares of the company's stock after selling 3,528 shares during the period. Perigon Wealth Management LLC's holdings in Otis Worldwide were worth $1,391,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Transce3nd LLC purchased a new stake in Otis Worldwide during the fourth quarter valued at approximately $25,000. NBC Securities Inc. bought a new position in shares of Otis Worldwide in the first quarter worth approximately $25,000. Aster Capital Management DIFC Ltd purchased a new position in Otis Worldwide during the fourth quarter valued at $28,000. Flagship Wealth Advisors LLC purchased a new position in Otis Worldwide during the fourth quarter valued at $34,000. Finally, Orion Capital Management LLC purchased a new position in Otis Worldwide during the fourth quarter valued at $35,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

OTIS has been the subject of several research reports. Royal Bank Of Canada lowered their price objective on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a research report on Monday, April 28th. Barclays reduced 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. JPMorgan Chase & Co. lifted their price objective on shares of Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Finally, Wells Fargo & Company cut their target price on shares of Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 24th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $100.71.

Otis Worldwide Stock Up 0.1%

NYSE OTIS opened at $97.61 on Friday. The firm has a market cap of $38.52 billion, a PE ratio of 25.62 and a beta of 0.98. The company has a 50 day moving average price of $96.21 and a 200 day moving average price of $96.68. Otis Worldwide Corporation has a 52 week low of $89.70 and a 52 week high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.91 by $0.01. Otis Worldwide had a net margin of 10.83% and a negative return on equity of 31.72%. The business had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. During the same quarter in the prior year, the business posted $0.88 EPS. Otis Worldwide's revenue for the quarter was down 2.5% compared to the same quarter last year. On average, equities research analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Stockholders 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. This represents a $1.68 annualized dividend and a dividend yield of 1.72%. The ex-dividend date was Friday, May 16th. Otis Worldwide's dividend payout ratio is 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.

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