Waverly Advisors LLC Acquires Shares of 4,359 Otis Worldwide Co. (NYSE:OTIS)

Waverly Advisors LLC acquired a new position in Otis Worldwide Co. (NYSE:OTIS - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 4,359 shares of the company's stock, valued at approximately $404,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in OTIS. JPMorgan Chase & Co. increased its holdings in shares of Otis Worldwide by 41.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock valued at $2,918,223,000 after acquiring an additional 8,161,946 shares during the period. Norges Bank acquired a new stake in shares of Otis Worldwide during the fourth quarter worth $649,883,000. BNP Paribas Financial Markets acquired a new position in shares of Otis Worldwide in the 4th quarter valued at $66,962,000. Northern Trust Corp raised its stake in shares of Otis Worldwide by 12.3% in the fourth 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 during the last quarter. Finally, Franklin Resources Inc. lifted its stake 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 acquiring an additional 435,372 shares during the period. 88.03% of the stock is currently owned by institutional investors.

Insider Activity at Otis Worldwide

In related news, insider Montlivault Stephane De sold 6,660 shares of the company's stock in a transaction on 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 sale, the insider now owns 63,931 shares in the company, valued at $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 is available through the SEC website. Insiders own 0.23% of the company's stock.

Analysts Set New Price Targets

Several brokerages have weighed in on OTIS. Wells Fargo & Company cut their price target on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 24th. Royal Bank of Canada lowered their price objective on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday, April 28th. JPMorgan Chase & Co. increased their target price on shares of Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Finally, Barclays cut their price objective on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research report on Friday, April 25th. 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. According to MarketBeat.com, Otis Worldwide presently has an average rating of "Hold" and an average price target of $100.71.

Otis Worldwide Trading Down 2.0%

OTIS traded down $1.91 during trading hours on Wednesday, hitting $95.18. 1,988,502 shares of the company's stock were exchanged, compared to its average volume of 2,331,237. Otis Worldwide Co. has a 12-month low of $89.70 and a 12-month high of $106.83. The firm has a market cap of $37.57 billion, a P/E ratio of 23.44 and a beta of 1.01. The firm has a 50 day moving average of $97.50 and a 200 day moving average of $97.49.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, topping analysts' consensus estimates of $0.91 by $0.01. The business had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.41 billion. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. The business's revenue for the quarter was down 2.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.88 earnings per share. As a group, research analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 16th will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 1.77%. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date is Friday, May 16th. Otis Worldwide's dividend payout ratio is 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.