Welch & Forbes LLC Sells 13,607 Shares of Otis Worldwide Corporation (NYSE:OTIS)

Welch & Forbes LLC reduced its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 4.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 263,943 shares of the company's stock after selling 13,607 shares during the quarter. Welch & Forbes LLC owned about 0.07% of Otis Worldwide worth $27,239,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in OTIS. Simon Quick Advisors LLC acquired a new position in Otis Worldwide during the 1st quarter worth approximately $443,000. SG Americas Securities LLC bought a new position in shares of Otis Worldwide in the 1st quarter valued at $2,533,000. Quintet Private Bank Europe S.A. boosted its holdings in shares of Otis Worldwide by 3.4% during the 1st quarter. Quintet Private Bank Europe S.A. now owns 289,936 shares of the company's stock valued at $29,921,000 after acquiring an additional 9,467 shares in the last quarter. Assenagon Asset Management S.A. grew its position in Otis Worldwide by 362.4% during the 1st quarter. Assenagon Asset Management S.A. now owns 438,896 shares of the company's stock worth $45,294,000 after acquiring an additional 343,987 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC acquired a new position in Otis Worldwide in the 1st quarter worth about $225,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently commented on OTIS. Morgan Stanley lifted their price target on Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. JPMorgan Chase & Co. upgraded shares of Otis Worldwide from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $101.00 to $109.00 in a research report on Tuesday. Deutsche Bank Aktiengesellschaft began coverage on shares of Otis Worldwide in a report on Monday. They set a "hold" rating and a $109.00 target price on the stock. Royal Bank Of Canada dropped their price target on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a research note on Monday, April 28th. Finally, Wells Fargo & Company boosted their price objective 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 research analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $104.63.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS traded up $0.83 during trading on Thursday, reaching $101.17. The stock had a trading volume of 755,679 shares, compared to its average volume of 2,315,245. Otis Worldwide Corporation has a 52 week low of $89.70 and a 52 week high of $106.83. The firm's fifty day moving average is $97.25 and its 200 day moving average is $97.11. The stock has a market cap of $39.93 billion, a price-to-earnings ratio of 26.54, a P/E/G ratio of 2.69 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings results 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 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 analysts' expectations of $3.41 billion. During the same quarter in the prior year, the firm posted $0.88 earnings per share. The business's quarterly revenue was down 2.5% compared to the same quarter last year. On average, research analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 16th were issued a $0.42 dividend. 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 1.66%. The ex-dividend date of this dividend was Friday, May 16th. Otis Worldwide's payout ratio is presently 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.