Rhumbline Advisers Buys 41,596 Shares of Otis Worldwide Co. (NYSE:OTIS)

Rhumbline Advisers boosted its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 5.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 771,542 shares of the company's stock after buying an additional 41,596 shares during the period. Rhumbline Advisers owned about 0.20% of Otis Worldwide worth $79,623,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Transce3nd LLC acquired a new stake in Otis Worldwide during the 4th quarter worth about $25,000. Aster Capital Management DIFC Ltd acquired a new stake in Otis Worldwide during the 4th quarter worth about $28,000. Centricity Wealth Management LLC acquired a new stake in Otis Worldwide during the 4th quarter worth about $33,000. Flagship Wealth Advisors LLC acquired a new stake in Otis Worldwide during the 4th quarter worth about $34,000. Finally, Golden State Wealth Management LLC acquired a new stake in Otis Worldwide during the 4th quarter worth about $34,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Analyst Upgrades and Downgrades

OTIS has been the topic of a number of research reports. JPMorgan Chase & Co. upped their target price on Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Barclays dropped their target price on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a report on Friday, April 25th. Royal Bank of Canada dropped 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. Finally, Wells Fargo & Company dropped their target price on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a report on Thursday, April 24th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $100.71.

Otis Worldwide Price Performance

NYSE:OTIS traded up $0.76 during mid-day trading on Friday, reaching $96.04. The stock had a trading volume of 1,669,466 shares, compared to its average volume of 2,316,519. The stock has a market cap of $37.90 billion, a P/E ratio of 23.66 and a beta of 1.01. The business's 50 day moving average is $96.35 and its 200 day moving average is $97.23. Otis Worldwide Co. has a fifty-two week low of $89.70 and a fifty-two week high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its 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. The firm had revenue of $3.35 billion during the quarter, compared to analysts' expectations of $3.41 billion. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. The company's revenue was down 2.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.88 earnings per share. Equities analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 16th will be paid a $0.42 dividend. The ex-dividend date is Friday, May 16th. This is a boost from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 dividend on an annualized basis and a yield of 1.75%. Otis Worldwide's payout ratio is 44.09%.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the sale, the insider now directly owns 63,931 shares in the company, valued at $6,731,934.30. The trade was a 9.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.23% of the company's stock.

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.