Wealthfront Advisers LLC Has $4.47 Million Stake in Otis Worldwide Corporation (NYSE:OTIS)

Wealthfront Advisers LLC boosted its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 9.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 43,306 shares of the company's stock after buying an additional 3,684 shares during the period. Wealthfront Advisers LLC's holdings in Otis Worldwide were worth $4,469,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of OTIS. Transce3nd LLC purchased a new stake in shares of Otis Worldwide in the fourth quarter worth $25,000. NBC Securities Inc. bought a new position in shares of Otis Worldwide in the 1st quarter worth about $25,000. Aster Capital Management DIFC Ltd bought a new position in Otis Worldwide in the 4th quarter worth about $28,000. Wayfinding Financial LLC bought a new stake in Otis Worldwide in the 1st quarter worth about $31,000. Finally, Orion Capital Management LLC bought a new position in Otis Worldwide in the fourth quarter valued at about $35,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $101.16 on Friday. The firm has a market cap of $39.92 billion, a price-to-earnings ratio of 26.55, a PEG ratio of 2.72 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. The firm has a 50 day moving average price of $97.33 and a two-hundred day moving average price of $97.17.

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 analysts' consensus estimates of $0.91 by $0.01. Otis Worldwide had a net margin of 10.83% and a negative return on equity of 31.72%. The business had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. During the same quarter in the prior year, the firm posted $0.88 EPS. Otis Worldwide's revenue was down 2.5% on a year-over-year basis. 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 announced a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 16th were given a dividend of $0.42 per share. 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 dividend yield of 1.66%. The ex-dividend date was Friday, May 16th. Otis Worldwide's dividend payout ratio is currently 44.09%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on OTIS. JPMorgan Chase & Co. raised Otis Worldwide from a "neutral" rating to an "overweight" rating and upped their target price for the company from $101.00 to $109.00 in a research report on Tuesday. Royal Bank Of Canada reduced their target price on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a research report on Monday, April 28th. Morgan Stanley raised their price objective on Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft initiated coverage on Otis Worldwide in a research note on Monday. They issued a "hold" rating and a $109.00 price target on the stock. Finally, Wells Fargo & Company upped their price target on shares of Otis Worldwide from $95.00 to $100.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 1st. Two analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $104.63.

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.

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