New Age Alpha Advisors LLC Has $85,000 Stock Holdings in Otis Worldwide Corporation (NYSE:OTIS)

New Age Alpha Advisors LLC reduced its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 64.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 819 shares of the company’s stock after selling 1,477 shares during the quarter. New Age Alpha Advisors LLC’s holdings in Otis Worldwide were worth $85,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Simon Quick Advisors LLC bought a new position in Otis Worldwide during the first quarter valued at $443,000. SG Americas Securities LLC purchased a new stake in shares of Otis Worldwide in the first quarter worth $2,533,000. Quintet Private Bank Europe S.A. raised its position in shares of Otis Worldwide by 3.4% in the first quarter. Quintet Private Bank Europe S.A. now owns 289,936 shares of the company’s stock worth $29,921,000 after buying an additional 9,467 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of Otis Worldwide by 362.4% in the first quarter. Assenagon Asset Management S.A. now owns 438,896 shares of the company’s stock worth $45,294,000 after buying an additional 343,987 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC purchased a new stake in shares of Otis Worldwide in the first quarter worth $225,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on OTIS. Royal Bank Of Canada lowered their price target on Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating on the stock in a research report on Monday, July 28th. Morgan Stanley raised their price target on Otis Worldwide from $97.00 to $105.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 8th. Wells Fargo & Company lowered their price target on Otis Worldwide from $100.00 to $93.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 24th. Wolfe Research raised Otis Worldwide from an “underperform” rating to a “peer perform” rating in a research note on Friday, July 25th. Finally, JPMorgan Chase & Co. reduced their price objective on Otis Worldwide from $109.00 to $101.00 and set an “overweight” rating on the stock in a research note on Thursday, July 24th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $102.50.

Otis Worldwide Stock Down 1.6%

Shares of NYSE OTIS opened at $86.06 on Tuesday. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month high of $106.83. The firm has a market cap of $33.78 billion, a P/E ratio of 22.77, a PEG ratio of 4.20 and a beta of 0.95. The company has a 50 day moving average of $94.75 and a 200 day moving average of $96.76.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $1.03 by $0.02. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.73 billion. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The company’s quarterly revenue was down .2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.06 EPS. As a group, equities analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Friday, August 15th will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.0%. Otis Worldwide’s payout ratio is presently 44.44%.

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.