Summit Trail Advisors LLC Increases Stock Holdings in Otis Worldwide Corporation (NYSE:OTIS)

Summit Trail Advisors LLC grew its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 79.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,489 shares of the company's stock after acquiring an additional 6,419 shares during the period. Summit Trail Advisors LLC's holdings in Otis Worldwide were worth $1,495,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in OTIS. JPMorgan Chase & Co. lifted its holdings in shares of Otis Worldwide by 26.5% in the 4th quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company's stock valued at $3,289,868,000 after buying an additional 7,447,860 shares during the period. Norges Bank purchased a new position in Otis Worldwide in the fourth quarter worth $649,883,000. GAMMA Investing LLC lifted its holdings in Otis Worldwide by 12,162.8% in the first quarter. GAMMA Investing LLC now owns 820,750 shares of the company's stock valued at $84,701,000 after acquiring an additional 814,057 shares during the period. BNP Paribas Financial Markets acquired a new stake in Otis Worldwide in the fourth quarter valued at $66,962,000. Finally, Northern Trust Corp boosted its position in shares of Otis Worldwide by 12.3% during the 4th quarter. Northern Trust Corp now owns 4,577,626 shares of the company's stock worth $423,934,000 after purchasing an additional 501,016 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Barclays cut their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a report on Friday, April 25th. JPMorgan Chase & Co. boosted their price target on Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Wells Fargo & Company upped their price target on Otis Worldwide from $95.00 to $100.00 and gave the stock an "equal weight" rating in a report on Tuesday. Finally, Royal Bank Of Canada dropped their price objective on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a research note on Monday, April 28th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $101.43.

Otis Worldwide Stock Down 0.6%

Shares of OTIS traded down $0.65 during mid-day trading on Wednesday, reaching $99.78. 1,709,168 shares of the company's stock were exchanged, compared to its average volume of 2,330,654. The company has a 50-day simple moving average of $96.28 and a two-hundred day simple moving average of $96.71. The company has a market cap of $39.38 billion, a price-to-earnings ratio of 26.19 and a beta of 0.98. Otis Worldwide Corporation has a 52-week low of $89.70 and a 52-week high of $106.83.

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

Otis Worldwide Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 16th were given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date was Friday, May 16th. This is a positive change 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.