First Trust Direct Indexing L.P. Acquires 1,422 Shares of Otis Worldwide Co. (NYSE:OTIS)

First Trust Direct Indexing L.P. raised its stake in Otis Worldwide Co. (NYSE:OTISFree Report) by 15.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,530 shares of the company’s stock after acquiring an additional 1,422 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in Otis Worldwide were worth $1,045,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in OTIS. Quadrature Capital Ltd acquired a new stake in Otis Worldwide in the third quarter valued at approximately $684,000. Advisors Asset Management Inc. boosted its holdings in shares of Otis Worldwide by 28.3% during the 3rd quarter. Advisors Asset Management Inc. now owns 5,889 shares of the company’s stock valued at $473,000 after acquiring an additional 1,300 shares in the last quarter. Alps Advisors Inc. grew its position in Otis Worldwide by 13.3% during the 3rd quarter. Alps Advisors Inc. now owns 19,191 shares of the company’s stock worth $1,541,000 after acquiring an additional 2,257 shares during the last quarter. Lido Advisors LLC increased its holdings in Otis Worldwide by 18.4% in the 3rd quarter. Lido Advisors LLC now owns 7,021 shares of the company’s stock worth $564,000 after purchasing an additional 1,091 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Otis Worldwide by 47.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock worth $605,571,000 after purchasing an additional 2,442,203 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Melius initiated coverage on Otis Worldwide in a report on Tuesday, April 2nd. They set a “hold” rating on the stock. Argus upped their price target on shares of Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Wells Fargo & Company cut their price target on shares of Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a report on Thursday, April 25th. Barclays increased their price objective on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a report on Tuesday, April 2nd. Finally, JPMorgan Chase & Co. lifted their target price on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, April 25th. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and an average price target of $99.33.

Check Out Our Latest Research Report on Otis Worldwide

Otis Worldwide Stock Up 0.6 %

OTIS stock opened at $96.51 on Friday. The firm has a market cap of $39.02 billion, a price-to-earnings ratio of 27.89 and a beta of 1.03. The company’s fifty day simple moving average is $96.27 and its 200 day simple moving average is $94.07. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $100.84.

Otis Worldwide (NYSE:OTISGet Free Report) last announced its earnings results on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, beating the consensus estimate of $0.87 by $0.01. The company had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.44 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. Research analysts expect that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 17th were paid a $0.39 dividend. The ex-dividend date was Thursday, May 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.62%. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s payout ratio is currently 45.09%.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total value of $2,844,803.16. Following the completion of the sale, the executive vice president now owns 15,570 shares of the company’s stock, valued at $1,458,753.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.23% of the stock is currently owned by corporate insiders.

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.

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

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