Sowell Financial Services LLC Takes $291,000 Position in Otis Worldwide Corporation (NYSE:OTIS)

Sowell Financial Services LLC purchased a new stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,824 shares of the company's stock, valued at approximately $291,000.

Several other large investors also recently made changes to their positions in the stock. Transce3nd LLC acquired a new stake in Otis Worldwide in the fourth quarter valued at $25,000. NBC Securities Inc. bought a new stake in shares of Otis Worldwide in the 1st quarter valued at about $25,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Otis Worldwide in the 4th quarter valued at about $28,000. Centricity Wealth Management LLC acquired a new stake in Otis Worldwide in the 4th quarter valued at about $33,000. Finally, Flagship Wealth Advisors LLC bought a new position in Otis Worldwide during the fourth quarter worth about $34,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Analyst Ratings Changes

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

Otis Worldwide Stock Performance

NYSE:OTIS traded down $0.72 during mid-day trading on Wednesday, hitting $96.69. 2,146,490 shares of the stock were exchanged, compared to its average volume of 2,336,668. The firm's 50-day simple moving average is $96.25 and its 200 day simple moving average is $96.74. The stock has a market capitalization of $38.16 billion, a price-to-earnings ratio of 25.17 and a beta of 0.98. Otis Worldwide Corporation has a fifty-two week low of $89.70 and a fifty-two week high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, topping analysts' consensus estimates of $0.91 by $0.01. The company had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.41 billion. Otis Worldwide had a negative return on equity of 31.72% and a net margin of 10.83%. The company's revenue was down 2.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.88 earnings per share. On average, analysts predict that Otis Worldwide Corporation 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 given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.74%. 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. Otis Worldwide's dividend payout ratio is presently 44.09%.

Otis Worldwide 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.