Otis Worldwide Co. (NYSE:OTIS) Shares Acquired by NewEdge Wealth LLC

NewEdge Wealth LLC grew its position in Otis Worldwide Co. (NYSE:OTISFree Report) by 10.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,859 shares of the company’s stock after buying an additional 364 shares during the quarter. NewEdge Wealth LLC’s holdings in Otis Worldwide were worth $310,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Nemes Rush Group LLC acquired a new position in shares of Otis Worldwide in the second quarter worth about $26,000. Core Alternative Capital boosted its holdings in shares of Otis Worldwide by 91.1% in the second quarter. Core Alternative Capital now owns 302 shares of the company’s stock worth $27,000 after buying an additional 144 shares during the period. Janiczek Wealth Management LLC boosted its holdings in shares of Otis Worldwide by 141.1% in the third quarter. Janiczek Wealth Management LLC now owns 381 shares of the company’s stock worth $31,000 after buying an additional 223 shares during the period. Exchange Traded Concepts LLC boosted its holdings in shares of Otis Worldwide by 108.5% in the second quarter. Exchange Traded Concepts LLC now owns 394 shares of the company’s stock worth $35,000 after buying an additional 205 shares during the period. Finally, Union Savings Bank acquired a new stake in shares of Otis Worldwide during the second quarter worth approximately $37,000. 85.48% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the transaction, the chief executive officer now owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.11% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Royal Bank of Canada restated an “outperform” rating and set a $100.00 price target on shares of Otis Worldwide in a report on Monday. Vertical Research cut shares of Otis Worldwide from a “buy” rating to a “hold” rating in a report on Tuesday, January 2nd. Finally, Wells Fargo & Company cut their price objective on shares of Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 1st. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $89.33.

Check Out Our Latest Research Report on Otis Worldwide

Otis Worldwide Stock Performance

Shares of OTIS opened at $90.86 on Friday. The firm has a market cap of $36.84 billion, a PE ratio of 26.80 and a beta of 1.00. The firm’s 50 day moving average price is $88.48 and its 200 day moving average price is $84.86. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $92.45.

Otis Worldwide (NYSE:OTISGet Free Report) last released its quarterly earnings results on Wednesday, January 31st. The company reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.02. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. The company had revenue of $3.62 billion for the quarter, compared to analyst estimates of $3.57 billion. During the same quarter last year, the firm posted $0.75 earnings per share. On average, sell-side analysts anticipate that Otis Worldwide Co. will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 8th. Stockholders of record on Friday, February 16th will be given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.50%. The ex-dividend date of this dividend is Thursday, February 15th. Otis Worldwide’s dividend payout ratio is 40.12%.

About Otis Worldwide

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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