Retirement Planning Co of New England Inc. Takes Position in Otis Worldwide Corporation (NYSE:OTIS)

Retirement Planning Co of New England Inc. acquired a new stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 4,160 shares of the company's stock, valued at approximately $429,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Transce3nd LLC bought a new stake in shares of Otis Worldwide during the 4th quarter valued at about $25,000. NBC Securities Inc. bought a new position in shares of Otis Worldwide in the first quarter worth $25,000. Aster Capital Management DIFC Ltd bought a new position in shares of Otis Worldwide in the fourth quarter worth $28,000. Wayfinding Financial LLC purchased a new stake in shares of Otis Worldwide in the first quarter worth $31,000. Finally, Orion Capital Management LLC purchased a new stake in shares of Otis Worldwide in the fourth quarter worth $35,000. Institutional investors own 88.03% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Barclays lifted their price objective on Otis Worldwide from $90.00 to $92.00 and gave the stock an "underweight" rating in a report on Wednesday, July 9th. Morgan Stanley increased their price target on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. Royal Bank Of Canada lowered their price target on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, April 28th. JPMorgan Chase & Co. raised shares of Otis Worldwide from a "neutral" rating to an "overweight" rating and lifted their price target for the stock from $101.00 to $109.00 in a report on Tuesday. Finally, Wells Fargo & Company boosted their target price on shares of Otis Worldwide from $95.00 to $100.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 1st. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $104.63.

Otis Worldwide Price Performance

OTIS stock opened at $101.16 on Friday. Otis Worldwide Corporation has a 1-year low of $89.70 and a 1-year high of $106.83. The firm has a fifty day moving average price of $97.33 and a two-hundred day moving average price of $97.17. The firm has a market cap of $39.92 billion, a price-to-earnings ratio of 26.55, a PEG ratio of 2.72 and a beta of 0.98.

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

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 16th were given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.66%. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date was Friday, May 16th. 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.

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