Crestwood Advisors Group LLC lessened its holdings in shares of Otis Worldwide Co. (NYSE:OTIS – Get Rating) by 19.6% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 5,285 shares of the company’s stock after selling 1,287 shares during the period. Crestwood Advisors Group LLC’s holdings in Otis Worldwide were worth $407,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. CVA Family Office LLC lifted its position in shares of Otis Worldwide by 483.3% during the 4th quarter. CVA Family Office LLC now owns 315 shares of the company’s stock worth $27,000 after purchasing an additional 261 shares during the last quarter. Curi Wealth Management LLC bought a new position in Otis Worldwide during the fourth quarter valued at about $27,000. Laffer Tengler Investments bought a new position in Otis Worldwide during the third quarter valued at about $28,000. Elmwood Wealth Management Inc. bought a new position in Otis Worldwide during the fourth quarter valued at about $28,000. Finally, Intelligent Financial Strategies bought a new position in Otis Worldwide during the fourth quarter valued at about $28,000. 83.32% of the stock is owned by institutional investors and hedge funds.
OTIS has been the topic of several research reports. Berenberg Bank lowered their price target on Otis Worldwide from $88.00 to $80.00 in a research note on Wednesday. Credit Suisse Group lowered their price objective on Otis Worldwide from $88.00 to $81.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 26th. Cowen lowered their price objective on Otis Worldwide from $91.00 to $85.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 26th. Barclays upgraded Otis Worldwide from an “equal weight” rating to an “overweight” rating and set a $82.00 price objective on the stock in a research note on Tuesday, May 24th. Finally, Cowen lowered their price objective on Otis Worldwide from $91.00 to $85.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 26th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and an average price target of $82.27.
Otis Worldwide (NYSE:OTIS – Get Rating) last issued its quarterly earnings results on Monday, April 25th. The company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.75 by $0.02. The business had revenue of $3.41 billion for the quarter, compared to analysts’ expectations of $3.45 billion. Otis Worldwide had a net margin of 8.73% and a negative return on equity of 35.81%. The business’s quarterly revenue was up .2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.72 earnings per share. On average, equities research analysts expect that Otis Worldwide Co. will post 3.25 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, June 10th. Stockholders of record on Friday, May 20th were paid a dividend of $0.29 per share. The ex-dividend date was Thursday, May 19th. This represents a $1.16 annualized dividend and a dividend yield of 1.69%. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.24. Otis Worldwide’s dividend payout ratio (DPR) is presently 39.86%.
Otis Worldwide Company Profile (Get Rating)
Otis Worldwide Corporation manufactures, installs, and services 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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