SKY Mountain Capital Management Inc. Takes Position in Otis Worldwide Corporation (NYSE:OTIS)

SKY Mountain Capital Management Inc. bought a new stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,540 shares of the company's stock, valued at approximately $262,000. Otis Worldwide comprises approximately 0.2% of SKY Mountain Capital Management Inc.'s investment portfolio, making the stock its 29th largest position.

Other institutional investors and hedge funds also recently made changes to their positions in the company. NBC Securities Inc. purchased a new stake in shares of Otis Worldwide in the first quarter valued at about $25,000. Transce3nd LLC bought a new position in Otis Worldwide during the fourth quarter valued at about $25,000. Aster Capital Management DIFC Ltd bought a new position in Otis Worldwide during the fourth quarter valued at about $28,000. Wayfinding Financial LLC bought a new position in Otis Worldwide during the first quarter valued at about $31,000. Finally, Flagship Wealth Advisors LLC bought a new position in Otis Worldwide during the fourth quarter valued at about $34,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Analysts Set New Price Targets

OTIS has been the subject of several research reports. JPMorgan Chase & Co. upgraded shares of Otis Worldwide from a "neutral" rating to an "overweight" rating and increased their price target for the company from $101.00 to $109.00 in a research report on Tuesday. Morgan Stanley increased their price target on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. 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. Barclays increased their price target on shares of Otis Worldwide from $90.00 to $92.00 and gave the company an "underweight" rating in a research report on Wednesday, July 9th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Otis Worldwide in a research report on Monday. They set a "hold" rating and a $109.00 price target for the company. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $104.63.

Otis Worldwide Trading Down 1.9%

Shares of NYSE:OTIS traded down $1.94 during trading on Friday, reaching $99.13. The company had a trading volume of 810,366 shares, compared to its average volume of 2,312,823. The company has a fifty day moving average of $97.33 and a two-hundred day moving average of $97.17. The stock has a market capitalization of $39.12 billion, a P/E ratio of 26.04, a price-to-earnings-growth ratio of 2.72 and a beta of 0.98. Otis Worldwide Corporation has a 12 month low of $89.70 and a 12 month high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, topping analysts' consensus estimates of $0.91 by $0.01. The firm had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. Otis Worldwide had a net margin of 10.83% and a negative return on equity of 31.72%. The business's revenue for the quarter was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.88 EPS. As a group, equities research analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 16th were issued a $0.42 dividend. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date was Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.69%. Otis Worldwide's dividend payout ratio is presently 44.09%.

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.