AE Wealth Management LLC increased its holdings in Otis Worldwide Co. (NYSE: OTIS – Get Rating) by 13.1% during the 1st quarter, Holdings Channel reports. The company held 8,797 shares of the company after purchasing an additional 1,018 shares during the period. AE Wealth Management LLC’s holdings in Otis Worldwide were worth $677,000 at the end of the most recent reporting period.
Several other hedge funds have also increased or reduced their stakes in OTIS. M&G Investment Management Ltd. increased its stake in Otis Worldwide shares by 24.1% during the fourth quarter. M&G Investment Management Ltd. now owns 3,205 shares of the company valued at $279,000 after purchasing an additional 623 shares during the period. Lindbrook Capital LLC increased its stake in Otis Worldwide shares by 312.1% during the fourth quarter. Lindbrook Capital LLC now owns 5,328 shares of the company valued at $464,000 after purchasing an additional 4,035 shares during the period. Aries Wealth Management bought a new position in shares of Otis Worldwide during the fourth quarter worth approximately $1,073,000. CHICAGO TRUST Co NA bought a new position in Otis Worldwide stock during the fourth quarter worth approximately $254,000. Finally, Pendal Group Ltd increased its stake in Otis Worldwide shares by 35.8% during the fourth quarter. Pendal Group Ltd now owns 37,008 shares in the company valued at $3,222,000 after purchasing an additional 9,761 shares during the period. Institutional investors and hedge funds own 83.32% of the company’s shares.
Several brokerages have recently released reports on OTIS. JPMorgan Chase & Co. downgraded shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and cut its price target for the company from $100.00 to $62.00 in a rating of search Thursday. Barclays cut its price target on Otis Worldwide shares from $82.00 to $80.00 and set an “overweight” rating on the stock in a research note on Friday. Berenberg Bank cut its price target on Otis Worldwide shares from $88.00 to $80.00 and placed a “buy” rating on the stock in a Wednesday, June 22 research note. Credit Suisse Group cut its price target on Otis Worldwide shares from $88.00 to $81.00 and set a “neutral” rating on the stock in a Tuesday, April 26 research note. Finally, BNP Paribas downgraded Otis Worldwide shares from an “outperforming” rating to a “neutral” rating and lowered its price target for the stock from $95.00 to $80.00 in a rating. research on Tuesday. Two research analysts gave the stock a sell rating, four gave the company a hold rating and five gave the company a buy rating. According to data from MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and a consensus target price of $78.40.
Shares of OTIS opened at $69.89 on Friday. The company’s fifty-day simple moving average is $72.65 and its 200-day simple moving average is $77.04. Otis Worldwide Co. has a 52-week low of $66.97 and a 52-week high of $92.84. The company has a market capitalization of $29.55 billion, a PE ratio of 24.02 and a beta of 0.85.
Otis Worldwide (NYSE: OTIS – Get Rating) last released its results on Monday, April 25. The company reported EPS of $0.77 for the quarter, beating consensus analyst estimates of $0.75 by $0.02. Otis Worldwide had a net margin of 8.73% and a negative return on equity of 35.81%. The company posted revenue of $3.41 billion for the quarter, versus a consensus estimate of $3.45 billion. In the same quarter last year, the company posted EPS of $0.72. The company’s revenue for the quarter increased by 0.2% compared to the same quarter last year. As a group, stock analysts expect Otis Worldwide Co. to post earnings per share of 3.25 for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, June 10. Investors of record on Friday, May 20 received a dividend of $0.29 per share. This represents a dividend of $1.16 on an annualized basis and a yield of 1.66%. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.24. The ex-dividend date was Thursday, May 19. Otis Worldwide’s dividend payout ratio (DPR) is currently 39.86%.
Otis Global Profile (Get an assessment)
Otis Worldwide Corporation manufactures, installs and services elevators and escalators in the United States, China and around the world. 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 walks for residential and commercial buildings and infrastructure projects.
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