Sagespring Wealth Partners LLC Makes New $306,000 Investment in Otis Worldwide Corporation (NYSE:OTIS)

Sagespring Wealth Partners LLC bought a new stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 2,966 shares of the company's stock, valued at approximately $306,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Simon Quick Advisors LLC bought a new position in shares of Otis Worldwide in the first quarter worth approximately $443,000. SG Americas Securities LLC purchased a new position in Otis Worldwide in the 1st quarter worth $2,533,000. Quintet Private Bank Europe S.A. increased its holdings in shares of Otis Worldwide by 3.4% in the first quarter. Quintet Private Bank Europe S.A. now owns 289,936 shares of the company's stock worth $29,921,000 after buying an additional 9,467 shares during the period. Assenagon Asset Management S.A. boosted its holdings in Otis Worldwide by 362.4% during the 1st quarter. Assenagon Asset Management S.A. now owns 438,896 shares of the company's stock valued at $45,294,000 after acquiring an additional 343,987 shares during the period. Finally, SVB Wealth LLC purchased a new stake in Otis Worldwide during the 4th quarter valued at $337,000. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Stock Performance

OTIS stock traded down $1.65 during midday trading on Friday, reaching $94.02. The stock had a trading volume of 4,536,389 shares, compared to its average volume of 2,327,046. The firm has a fifty day simple moving average of $96.39 and a two-hundred day simple moving average of $96.86. The stock has a market cap of $37.11 billion, a PE ratio of 24.68 and a beta of 0.98. 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 released its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, beating the consensus estimate 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 company had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. During the same quarter last year, the business earned $0.88 earnings per share. The firm's revenue was down 2.5% on a year-over-year basis. On average, sell-side analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 16th were paid a dividend of $0.42 per share. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a yield of 1.79%. The ex-dividend date was Friday, May 16th. Otis Worldwide's payout ratio is 44.09%.

Wall Street Analysts Forecast Growth

OTIS has been the topic of several research analyst reports. JPMorgan Chase & Co. boosted their price target on shares of Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Barclays decreased their price objective on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a report on Friday, April 25th. Royal Bank Of Canada lowered 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 reduced their target price on shares of Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating for the company in a report on Thursday, April 24th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $100.71.

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.