Otis Worldwide Corporation (NYSE:OTIS) Shares Acquired by Farther Finance Advisors LLC

Farther Finance Advisors LLC boosted its position in Otis Worldwide Corporation (NYSE:OTIS) by 106.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,845 shares of the company’s stock after purchasing an additional 1,466 shares during the period. Farther Finance Advisors LLC’s holdings in Otis Worldwide were worth $296,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Otis Worldwide by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 45,003,843 shares of the company’s stock worth $4,167,806,000 after purchasing an additional 149,123 shares during the period. JPMorgan Chase & Co. lifted its position in Otis Worldwide by 26.5% in the fourth quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company’s stock worth $3,289,868,000 after purchasing an additional 7,447,860 shares during the period. Geode Capital Management LLC lifted its position in Otis Worldwide by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 11,126,735 shares of the company’s stock worth $1,031,787,000 after purchasing an additional 95,035 shares during the period. Franklin Resources Inc. lifted its position in Otis Worldwide by 5.9% in the fourth quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company’s stock worth $720,980,000 after purchasing an additional 435,372 shares during the period. Finally, Norges Bank acquired a new stake in Otis Worldwide in the fourth quarter worth approximately $649,883,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $95.36 on Wednesday. Otis Worldwide Corporation has a one year low of $89.70 and a one year high of $106.83. The stock has a fifty day moving average of $96.34 and a 200-day moving average of $96.91. The company has a market capitalization of $37.64 billion, a PE ratio of 25.03 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.01. Otis Worldwide had a net margin of 10.83% and a negative return on equity of 31.72%. The company had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.41 billion. During the same period in the previous year, the business earned $0.88 EPS. The company’s revenue was down 2.5% on a year-over-year basis. As a group, research analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 16th were paid a dividend of $0.42 per share. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a yield of 1.76%. The ex-dividend date was Friday, May 16th. Otis Worldwide’s payout ratio is 44.09%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Barclays cut their target price on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a research report on Friday, April 25th. JPMorgan Chase & Co. increased their price objective on Otis Worldwide from $88.00 to $101.00 and gave the company a “neutral” rating in a research report on Friday, May 16th. Wells Fargo & Company cut their price objective on Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, April 24th. Finally, Royal Bank Of Canada cut their price objective on Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating for the company in a research report on Monday, April 28th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $100.71.

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.