Vise Technologies Inc. Buys New Position in Otis Worldwide Co. (NYSE:OTIS)

Vise Technologies Inc. acquired a new position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 2,884 shares of the company's stock, valued at approximately $267,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in OTIS. Transce3nd LLC acquired a new position in shares of Otis Worldwide in the 4th quarter worth approximately $25,000. Aster Capital Management DIFC Ltd acquired a new stake in Otis Worldwide during the 4th quarter worth $28,000. Centricity Wealth Management LLC acquired a new stake in shares of Otis Worldwide in the 4th quarter worth $33,000. Golden State Wealth Management LLC acquired a new stake in shares of Otis Worldwide in the 4th quarter worth $34,000. Finally, Flagship Wealth Advisors LLC acquired a new stake in shares of Otis Worldwide in the fourth quarter valued at about $34,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Royal Bank of Canada lowered their price target on shares of 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 cut their price target 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. Barclays dropped their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a report on Friday, April 25th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, Otis Worldwide has a consensus rating of "Hold" and a consensus price target of $100.71.

Insider Buying and Selling at Otis Worldwide

In related news, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the sale, the insider now directly owns 63,931 shares of the company's stock, valued at approximately $6,731,934.30. This represents a 9.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.23% of the company's stock.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock traded up $0.20 during midday trading on Friday, hitting $95.36. The company had a trading volume of 3,846,113 shares, compared to its average volume of 2,338,425. The business's 50 day simple moving average is $97.14 and its two-hundred day simple moving average is $97.40. Otis Worldwide Co. has a 1-year low of $89.70 and a 1-year high of $106.83. The stock has a market cap of $37.64 billion, a PE ratio of 23.49 and a beta of 1.01.

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 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 net margin of 11.53% and a negative return on equity of 31.76%. The firm's quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.88 EPS. On average, sell-side analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 16th will be given a dividend of $0.42 per share. The ex-dividend date is Friday, May 16th. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 dividend on an annualized basis and a yield of 1.76%. Otis Worldwide's dividend payout ratio is presently 44.09%.

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.