Axxcess Wealth Management LLC Buys Shares of 4,142 Otis Worldwide Co. (NYSE:OTIS)

Axxcess Wealth Management LLC purchased a new position in shares of Otis Worldwide Co. (NYSE:OTIS) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 4,142 shares of the company’s stock, valued at approximately $371,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Merit Financial Group LLC boosted its stake in Otis Worldwide by 3.9% in the 4th quarter. Merit Financial Group LLC now owns 10,187 shares of the company’s stock worth $911,000 after purchasing an additional 378 shares in the last quarter. Montis Financial LLC purchased a new stake in shares of Otis Worldwide during the fourth quarter valued at $221,000. Natixis Advisors L.P. increased its position in shares of Otis Worldwide by 8.5% in the 4th quarter. Natixis Advisors L.P. now owns 154,629 shares of the company’s stock valued at $13,833,000 after acquiring an additional 12,083 shares during the period. First Horizon Advisors Inc. raised its stake in Otis Worldwide by 12.4% in the 4th quarter. First Horizon Advisors Inc. now owns 3,191 shares of the company’s stock worth $285,000 after acquiring an additional 351 shares during the last quarter. Finally, LGT Group Foundation acquired a new stake in Otis Worldwide during the 4th quarter worth about $387,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on OTIS. Royal Bank of Canada reissued an “outperform” rating and issued a $100.00 price objective on shares of Otis Worldwide in a report on Monday, February 5th. Melius initiated coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating for the company. Wells Fargo & Company dropped their price objective 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. Argus raised shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 target price for the company in a report on Thursday, February 22nd. Finally, UBS Group increased their price target on Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, February 16th. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $96.86.

Insiders Place Their Bets

In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now directly owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Peiming Zheng sold 30,364 shares of Otis Worldwide stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the sale, the executive vice president now owns 15,570 shares of the company’s stock, valued at approximately $1,458,753.30. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Montlivault Stephane De sold 18,393 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the transaction, the insider now owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by corporate insiders.

Otis Worldwide Trading Up 0.7 %

Shares of OTIS opened at $94.53 on Thursday. The firm has a market cap of $38.22 billion, a P/E ratio of 27.32 and a beta of 1.03. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.35. The stock’s 50 day moving average is $96.43 and its two-hundred day moving average is $90.11.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.01. The firm had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.44 billion. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. Equities research analysts forecast that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be paid a $0.39 dividend. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. This represents a $1.56 annualized dividend and a yield of 1.65%. The ex-dividend date is Thursday, May 16th. Otis Worldwide’s dividend payout ratio is currently 39.31%.

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.