Cambridge Investment Research Advisors Inc. Acquires 110 Shares of Otis Worldwide Co. (NYSE:OTIS)

Cambridge Investment Research Advisors Inc. lifted its position in shares of Otis Worldwide Co. (NYSE:OTISFree Report) by 0.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 32,048 shares of the company’s stock after acquiring an additional 110 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Otis Worldwide were worth $3,181,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Private Trust Co. NA raised its position in shares of Otis Worldwide by 0.9% during the first quarter. Private Trust Co. NA now owns 12,931 shares of the company’s stock worth $1,284,000 after acquiring an additional 118 shares during the last quarter. Leavell Investment Management Inc. bought a new stake in Otis Worldwide in the first quarter valued at about $214,000. V Square Quantitative Management LLC increased its holdings in Otis Worldwide by 17.4% in the first quarter. V Square Quantitative Management LLC now owns 11,290 shares of the company’s stock valued at $1,121,000 after purchasing an additional 1,673 shares during the last quarter. Simplicity Wealth LLC bought a new stake in Otis Worldwide in the first quarter valued at about $964,000. Finally, Childress Capital Advisors LLC bought a new stake in Otis Worldwide in the first quarter valued at about $201,000. Institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on OTIS. Barclays boosted their target price on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 2nd. Argus upped their price objective on Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Wells Fargo & Company reduced their price objective on 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. Melius began coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They issued a “hold” rating on the stock. Finally, UBS Group upped their price objective on Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, February 16th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Otis Worldwide has a consensus rating of “Hold” and an average price target of $97.71.

Check Out Our Latest Stock Analysis on Otis Worldwide

Insider Buying and Selling

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of the business’s stock in a transaction 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 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 insiders.

Otis Worldwide Stock Down 1.3 %

OTIS stock traded down $1.25 during mid-day trading on Tuesday, reaching $96.50. 2,038,447 shares of the company traded hands, compared to its average volume of 2,051,682. The stock has a market cap of $39.02 billion, a price-to-earnings ratio of 27.89 and a beta of 1.04. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $100.84. The firm’s 50 day moving average price is $96.27 and its 200 day moving average price is $93.06.

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

Otis Worldwide Increases Dividend

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

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.

Further Reading

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

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