Atria Wealth Solutions Inc. Buys 2,042 Shares of Otis Worldwide Co. (NYSE:OTIS)

Atria Wealth Solutions Inc. increased its stake in Otis Worldwide Co. (NYSE:OTIS) by 37.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 7,505 shares of the company’s stock after purchasing an additional 2,042 shares during the quarter. Atria Wealth Solutions Inc.’s holdings in Otis Worldwide were worth $671,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. GAMMA Investing LLC bought a new stake in Otis Worldwide during the 4th quarter valued at $183,000. Parkside Financial Bank & Trust raised its holdings in Otis Worldwide by 19.1% during the 4th quarter. Parkside Financial Bank & Trust now owns 943 shares of the company’s stock valued at $84,000 after acquiring an additional 151 shares during the period. Larson Financial Group LLC raised its holdings in Otis Worldwide by 88.5% during the 4th quarter. Larson Financial Group LLC now owns 1,753 shares of the company’s stock valued at $157,000 after acquiring an additional 823 shares during the period. Jennison Associates LLC raised its holdings in Otis Worldwide by 11.2% during the 4th quarter. Jennison Associates LLC now owns 1,356,265 shares of the company’s stock valued at $121,345,000 after acquiring an additional 137,085 shares during the period. Finally, Cetera Trust Company N.A bought a new stake in Otis Worldwide during the 4th quarter valued at $27,000. Institutional investors own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on OTIS shares. UBS Group boosted their price target on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, February 16th. Wells Fargo & Company reduced their price target on shares of Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a research report on Thursday, April 25th. Argus upgraded shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price target for the company in a research report on Thursday, February 22nd. Melius started coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating for the company. Finally, JPMorgan Chase & Co. boosted their price target on shares of Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, April 25th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $96.86.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $92.12 on Friday. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $100.35. The firm has a fifty day moving average of $96.44 and a 200 day moving average of $89.75. The firm has a market capitalization of $37.25 billion, a PE ratio of 26.62 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.01. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. The company had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.44 billion. On average, sell-side analysts forecast that Otis Worldwide Co. will post 3.88 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 7th. Investors of record on Friday, May 17th will be given a $0.39 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.34. This represents a $1.56 annualized dividend and a yield of 1.69%. Otis Worldwide’s payout ratio is 39.31%.

Insiders Place Their Bets

In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the business’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the sale, the insider now directly owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the business’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the sale, the insider now directly owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the completion of the sale, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by insiders.

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.