Cambridge Investment Research Advisors Inc. lifted its position in Otis Worldwide Co. (NYSE:OTIS – Get Rating) by 14.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 33,178 shares of the company’s stock after purchasing an additional 4,268 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Otis Worldwide were worth $2,598,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Sigma Planning Corp grew its position in Otis Worldwide by 2.7% in the fourth quarter. Sigma Planning Corp now owns 4,786 shares of the company’s stock worth $375,000 after acquiring an additional 128 shares in the last quarter. Great Valley Advisor Group Inc. grew its position in Otis Worldwide by 3.8% in the fourth quarter. Great Valley Advisor Group Inc. now owns 3,525 shares of the company’s stock worth $276,000 after acquiring an additional 128 shares in the last quarter. Pathstone Family Office LLC grew its position in Otis Worldwide by 1.2% in the third quarter. Pathstone Family Office LLC now owns 11,758 shares of the company’s stock worth $772,000 after acquiring an additional 135 shares in the last quarter. Kentucky Retirement Systems grew its position in Otis Worldwide by 0.4% in the fourth quarter. Kentucky Retirement Systems now owns 33,039 shares of the company’s stock worth $2,587,000 after acquiring an additional 144 shares in the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. grew its position in Otis Worldwide by 2.6% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 5,934 shares of the company’s stock worth $465,000 after acquiring an additional 149 shares in the last quarter. Institutional investors own 83.95% of the company’s stock.
Analyst Upgrades and Downgrades
Several research firms have issued reports on OTIS. TheStreet upgraded shares of Otis Worldwide from a “d+” rating to a “c+” rating in a research report on Monday, March 20th. Wells Fargo & Company upgraded shares of Otis Worldwide from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $75.00 to $88.00 in a research report on Monday, May 1st. HSBC upped their price target on shares of Otis Worldwide from $72.00 to $81.00 and gave the company a “hold” rating in a research report on Wednesday, April 19th. Cowen upped their price target on shares of Otis Worldwide from $90.00 to $95.00 and gave the company an “outperform” rating in a research report on Thursday, February 2nd. Finally, Morgan Stanley upped their price target on shares of Otis Worldwide from $89.00 to $90.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 19th. Nine equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $81.10.
Otis Worldwide Price Performance
Otis Worldwide (NYSE:OTIS – Get Rating) last released its quarterly earnings results on Wednesday, April 26th. The company reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.06. Otis Worldwide had a net margin of 9.35% and a negative return on equity of 28.04%. The company had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.26 billion. During the same period in the prior year, the firm earned $0.77 earnings per share. Otis Worldwide’s revenue was down 2.0% on a year-over-year basis. On average, equities research analysts expect that Otis Worldwide Co. will post 3.44 earnings per share for the current fiscal year.
Otis Worldwide Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 9th. Shareholders of record on Friday, May 19th will be paid a dividend of $0.34 per share. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.29. The ex-dividend date is Thursday, May 18th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.61%. Otis Worldwide’s dividend payout ratio (DPR) is currently 44.88%.
Insider Buying and Selling at Otis Worldwide
In related news, insider Fernandez Bernardo Calleja sold 837 shares of the business’s stock in a transaction that occurred on Tuesday, February 14th. The shares were sold at an average price of $84.67, for a total value of $70,868.79. Following the completion of the transaction, the insider now directly owns 19,998 shares in the company, valued at approximately $1,693,230.66. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.15% of the company’s stock.
Otis Worldwide Profile
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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