Versant Capital Management Inc Purchases 3,406 Shares of Otis Worldwide Co. (NYSE:OTIS)

Versant Capital Management Inc lifted its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 538.9% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,038 shares of the company's stock after purchasing an additional 3,406 shares during the period. Versant Capital Management Inc's holdings in Otis Worldwide were worth $417,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in OTIS. MassMutual Private Wealth & Trust FSB boosted its holdings in Otis Worldwide by 34.3% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 2,965 shares of the company's stock worth $306,000 after buying an additional 758 shares during the last quarter. Milestone Asset Management Group LLC acquired a new stake in shares of Otis Worldwide in the 4th quarter valued at approximately $495,000. Fire Capital Management LLC acquired a new stake in shares of Otis Worldwide in the 4th quarter valued at approximately $680,000. Wealth Enhancement Advisory Services LLC raised its holdings in Otis Worldwide by 14.2% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 30,341 shares of the company's stock worth $2,810,000 after purchasing an additional 3,765 shares during the period. Finally, Lansforsakringar Fondforvaltning AB publ acquired a new position in shares of Otis Worldwide in the 4th quarter valued at $12,291,000. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Up 0.7%

Shares of NYSE:OTIS traded up $0.69 during mid-day trading on Wednesday, reaching $95.58. 403,670 shares of the stock were exchanged, compared to its average volume of 2,310,732. The company has a market cap of $37.72 billion, a P/E ratio of 23.54 and a beta of 1.01. The stock's 50 day simple moving average is $96.81 and its 200-day simple moving average is $97.31. Otis Worldwide Co. has a one year low of $89.70 and a one year 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 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.01. The company had revenue of $3.35 billion during the quarter, compared to analysts' expectations of $3.41 billion. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. The business's quarterly revenue was down 2.5% on a year-over-year basis. During the same period last year, the business earned $0.88 EPS. Analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 16th will be issued a $0.42 dividend. This is a boost from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Friday, May 16th. This represents a $1.68 annualized dividend and a dividend yield of 1.76%. Otis Worldwide's dividend payout ratio (DPR) is presently 44.09%.

Analysts Set New Price Targets

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

Insider Activity at Otis Worldwide

In other news, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the transaction, the insider now owns 63,931 shares of the company's stock, valued at $6,731,934.30. This trade represents a 9.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.23% of the stock is owned by company insiders.

About Otis Worldwide

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.