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

Sowell Financial Services LLC acquired a new position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 2,824 shares of the company's stock, valued at approximately $291,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Otis Worldwide by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 45,003,843 shares of the company's stock valued at $4,167,806,000 after purchasing an additional 149,123 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Otis Worldwide by 26.5% during the 4th quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company's stock valued at $3,289,868,000 after purchasing an additional 7,447,860 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Otis Worldwide by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 11,126,735 shares of the company's stock valued at $1,031,787,000 after purchasing an additional 95,035 shares during the last quarter. Franklin Resources Inc. lifted its holdings in Otis Worldwide by 5.9% during the 4th quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company's stock valued at $720,980,000 after purchasing an additional 435,372 shares during the last quarter. Finally, Norges Bank bought a new position in Otis Worldwide during the 4th quarter valued at about $649,883,000. 88.03% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on OTIS shares. Wells Fargo & Company dropped their target price on shares of 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. Royal Bank Of Canada dropped their target price on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a research note on Monday, April 28th. JPMorgan Chase & Co. boosted their target price on shares of Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Finally, Barclays dropped their target price on shares of 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 research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, Otis Worldwide has a consensus rating of "Hold" and an average target price of $100.71.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $94.02 on Friday. Otis Worldwide Corporation has a one year low of $89.70 and a one year high of $106.83. The company has a 50 day moving average of $96.33 and a 200-day moving average of $96.78. The stock has a market cap of $37.11 billion, a price-to-earnings ratio of 24.68 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.91 by $0.01. The firm had revenue of $3.35 billion during the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.88 earnings per share. Equities research analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 16th were issued a dividend of $0.42 per share. The ex-dividend date was Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a yield of 1.79%. This is a boost from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's payout ratio is currently 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.

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