Simon Quick Advisors LLC Makes New Investment in Otis Worldwide Co. (NYSE:OTIS)

Simon Quick Advisors LLC bought a new position in Otis Worldwide Co. (NYSE:OTIS - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 4,295 shares of the company's stock, valued at approximately $443,000.

Other hedge funds have also modified their holdings of the company. NBC Securities Inc. bought a new stake in Otis Worldwide during the 1st quarter worth approximately $25,000. Transce3nd LLC bought a new stake in Otis Worldwide during the 4th quarter worth approximately $25,000. Aster Capital Management DIFC Ltd bought a new stake in Otis Worldwide during the 4th quarter worth approximately $28,000. Centricity Wealth Management LLC bought a new stake in Otis Worldwide during the 4th quarter worth approximately $33,000. Finally, Flagship Wealth Advisors LLC bought a new stake in Otis Worldwide during the 4th quarter worth approximately $34,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Trading Down 1.3%

Shares of NYSE:OTIS traded down $1.23 during midday trading on Friday, hitting $95.72. The company had a trading volume of 1,873,523 shares, compared to its average volume of 2,317,872. Otis Worldwide Co. has a 12 month low of $89.70 and a 12 month high of $106.83. The stock has a market cap of $37.78 billion, a price-to-earnings ratio of 23.58 and a beta of 0.98. The firm has a fifty day simple moving average of $96.20 and a 200 day simple moving average of $97.04.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted 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. The business had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. The firm's revenue was down 2.5% on a year-over-year basis. During the same period last year, the company earned $0.88 EPS. Equities analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 16th were issued a dividend of $0.42 per share. The ex-dividend date of this dividend was Friday, May 16th. 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 1.76%. Otis Worldwide's payout ratio is currently 44.09%.

Analyst Ratings Changes

A number of research firms recently commented on OTIS. Royal Bank of Canada decreased 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. Wells Fargo & Company lowered their target price on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating for the company in a research note on Thursday, April 24th. JPMorgan Chase & Co. lifted their target price on Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. Finally, Barclays lowered their target price on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research note on Friday, April 25th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target 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.