Seascape Capital Management Has $246,000 Stock Position in Otis Worldwide Corporation (NYSE:OTIS)

Seascape Capital Management lowered its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 93.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,385 shares of the company's stock after selling 31,745 shares during the quarter. Seascape Capital Management's holdings in Otis Worldwide were worth $246,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Transce3nd LLC acquired a new stake in Otis Worldwide in the 4th quarter valued at approximately $25,000. NBC Securities Inc. acquired a new stake in Otis Worldwide in the 1st quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd acquired a new stake in Otis Worldwide in the 4th quarter valued at approximately $28,000. Wayfinding Financial LLC acquired a new stake in Otis Worldwide in the 1st quarter valued at approximately $31,000. Finally, Flagship Wealth Advisors LLC acquired a new stake in Otis Worldwide in the 4th quarter valued at approximately $34,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Otis Worldwide Stock Down 0.3%

Shares of NYSE OTIS traded down $0.29 during midday trading on Friday, hitting $99.51. 1,052,322 shares of the company's stock were exchanged, compared to its average volume of 2,332,362. Otis Worldwide Corporation has a 12 month low of $89.70 and a 12 month high of $106.83. The company's 50 day moving average price is $96.70 and its 200 day moving average price is $96.79. The firm has a market capitalization of $39.27 billion, a PE ratio of 26.12 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its 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. Otis Worldwide had a negative return on equity of 31.72% and a net margin of 10.83%. The company had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.41 billion. During the same period in the previous year, the company posted $0.88 EPS. The firm'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 EPS for the current year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 16th were paid a dividend of $0.42 per share. 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 1.69%. The ex-dividend date was Friday, May 16th. Otis Worldwide's payout ratio is currently 44.09%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on OTIS shares. Wells Fargo & Company lifted their target price on Otis Worldwide from $95.00 to $100.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 1st. Barclays lowered their price target on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research report on Friday, April 25th. Royal Bank Of Canada lowered their price target on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a research report on Monday, April 28th. Finally, JPMorgan Chase & Co. boosted their price target on Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. Two 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's stock. According to data from MarketBeat.com, Otis Worldwide presently has an average rating of "Hold" and an average price target of $101.43.

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.