Spirepoint Private Client LLC Invests $3.87 Million in Otis Worldwide Corporation (NYSE:OTIS)

Spirepoint Private Client LLC acquired a new position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The fund acquired 37,504 shares of the company's stock, valued at approximately $3,870,000.

Several other large investors also recently bought and sold shares of the company. Coldstream Capital Management Inc. raised its position in shares of Otis Worldwide by 4.2% in the fourth quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company's stock valued at $249,000 after buying an additional 109 shares during the last quarter. Montis Financial LLC grew its stake in Otis Worldwide by 5.2% during the 4th quarter. Montis Financial LLC now owns 2,216 shares of the company's stock valued at $205,000 after acquiring an additional 110 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its holdings in Otis Worldwide by 15.3% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 828 shares of the company's stock valued at $85,000 after acquiring an additional 110 shares during the last quarter. AlTi Global Inc. raised its holdings in Otis Worldwide by 4.9% in the 4th quarter. AlTi Global Inc. now owns 2,404 shares of the company's stock valued at $223,000 after acquiring an additional 113 shares during the last quarter. Finally, Dorsey & Whitney Trust CO LLC lifted its stake in Otis Worldwide by 1.7% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company's stock worth $643,000 after purchasing an additional 114 shares in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Trading Down 0.2%

Otis Worldwide stock traded down $0.23 during mid-day trading on Wednesday, hitting $97.18. The company's stock had a trading volume of 104,047 shares, compared to its average volume of 2,326,995. The stock's fifty day moving average is $96.25 and its two-hundred day moving average is $96.74. The firm has a market capitalization of $38.36 billion, a PE ratio of 25.47 and a beta of 0.98. Otis Worldwide Corporation has a 1 year low of $89.70 and a 1 year high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, beating 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 31.72% and a net margin of 10.83%. The company's quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.88 EPS. On average, equities analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal 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 paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.73%. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date was Friday, May 16th. Otis Worldwide's payout ratio is 44.09%.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. increased their price target on Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Royal Bank Of Canada dropped their target price on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, April 28th. Wells Fargo & Company reduced their price target on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a report on Thursday, April 24th. Finally, Barclays lowered their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research report on Friday, April 25th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat.com, Otis Worldwide presently has a consensus rating of "Hold" and an average target price of $100.71.

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.