SG Americas Securities LLC Purchases Shares of 24,548 Otis Worldwide Co. (NYSE:OTIS)

SG Americas Securities LLC bought a new stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 24,548 shares of the company's stock, valued at approximately $2,533,000.

Several other large investors have also modified their holdings of OTIS. Transce3nd LLC acquired a new position in shares of Otis Worldwide in the 4th quarter valued at $25,000. NBC Securities Inc. purchased a new stake in Otis Worldwide in the 1st quarter valued at $25,000. Aster Capital Management DIFC Ltd purchased a new stake in Otis Worldwide in the 4th quarter valued at $28,000. Centricity Wealth Management LLC purchased a new stake in Otis Worldwide in the 4th quarter valued at $33,000. Finally, Flagship Wealth Advisors LLC purchased a new stake in Otis Worldwide in the 4th quarter valued at $34,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Otis Worldwide Trading Down 1.3%

Shares of NYSE OTIS opened at $95.72 on Friday. The stock has a market cap of $37.78 billion, a price-to-earnings ratio of 23.58 and a beta of 0.98. Otis Worldwide Co. has a 52 week low of $89.70 and a 52 week high of $106.83. The company's 50-day moving average price is $96.20 and its 200 day moving average price is $97.00.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.01. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. The company had revenue of $3.35 billion for the quarter, compared to analysts' expectations of $3.41 billion. During the same period last year, the company earned $0.88 EPS. The firm's revenue for the quarter was down 2.5% compared to the same quarter last year. As a group, research analysts expect that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 16th were issued 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 dividend yield of 1.76%. The ex-dividend date of this dividend was Friday, May 16th. Otis Worldwide's dividend payout ratio is presently 44.09%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on OTIS. JPMorgan Chase & Co. upped 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. Royal Bank of Canada reduced their price target 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. Wells Fargo & Company reduced their price target on shares of Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating for the company in a research report on Thursday, April 24th. Finally, Barclays reduced their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research report on Friday, April 25th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $100.71.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.