NorthRock Partners LLC Invests $583,000 in Otis Worldwide Co. (NYSE:OTIS)

NorthRock Partners LLC purchased a new position in Otis Worldwide Co. (NYSE:OTIS - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,299 shares of the company's stock, valued at approximately $583,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. PineStone Asset Management Inc. increased its holdings in Otis Worldwide by 4.2% during the 4th quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company's stock worth $278,054,000 after purchasing an additional 121,322 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Otis Worldwide by 41.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock worth $2,918,223,000 after purchasing an additional 8,161,946 shares in the last quarter. SVB Wealth LLC purchased a new position in shares of Otis Worldwide in the 4th quarter worth approximately $337,000. Clarkston Capital Partners LLC purchased a new position in shares of Otis Worldwide in the 4th quarter worth approximately $8,743,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Otis Worldwide by 3.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,304,482 shares of the company's stock worth $213,418,000 after buying an additional 67,937 shares during the last quarter. Institutional investors own 88.03% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on OTIS shares. JPMorgan Chase & Co. boosted their target price on Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a research note on Friday. Royal Bank of Canada cut their target price on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a research note on Monday, April 28th. Barclays cut their target price on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research note on Friday, April 25th. Finally, Wells Fargo & Company cut their target price 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. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $100.71.

Insiders Place Their Bets

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.23% of the company's stock.

Otis Worldwide Stock Down 0.4%

Otis Worldwide stock traded down $0.43 during trading on Monday, hitting $98.46. The stock had a trading volume of 3,165,059 shares, compared to its average volume of 2,323,090. Otis Worldwide Co. has a 1 year low of $89.70 and a 1 year high of $106.83. The stock's 50 day moving average is $98.02 and its two-hundred day moving average is $97.60. The stock has a market cap of $38.86 billion, a price-to-earnings ratio of 24.25 and a beta of 1.01.

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

Otis Worldwide Increases Dividend

The business 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 of this dividend is Friday, May 16th. This represents a $1.68 annualized dividend and a dividend yield of 1.71%. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's dividend payout ratio is currently 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.