Miracle Mile Advisors LLC Makes New $281,000 Investment in Otis Worldwide Co. (NYSE:OTIS)

Miracle Mile Advisors LLC acquired a new stake in Otis Worldwide Co. (NYSE:OTIS) during the first quarter, according to its most recent filing with the SEC. The firm acquired 2,724 shares of the company’s stock, valued at approximately $281,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Coldstream Capital Management Inc. boosted its holdings in Otis Worldwide by 4.2% in the fourth quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company’s stock valued at $249,000 after acquiring an additional 109 shares during the last quarter. Montis Financial LLC lifted its position in Otis Worldwide by 5.2% during the 4th quarter. Montis Financial LLC now owns 2,216 shares of the company’s stock valued at $205,000 after purchasing an additional 110 shares during the period. Thurston Springer Miller Herd & Titak Inc. boosted its stake in shares of Otis Worldwide by 15.3% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 828 shares of the company’s stock valued at $85,000 after purchasing an additional 110 shares during the last quarter. AlTi Global Inc. raised its stake in shares of Otis Worldwide by 4.9% during the fourth quarter. AlTi Global Inc. now owns 2,404 shares of the company’s stock worth $223,000 after buying an additional 113 shares during the last quarter. Finally, Dorsey & Whitney Trust CO LLC grew its holdings in Otis Worldwide by 1.7% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company’s stock worth $643,000 after acquiring an additional 114 shares during the period. 88.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Otis Worldwide Price Performance

NYSE:OTIS opened at $95.35 on Thursday. The business’s 50-day simple moving average is $96.01 and its 200-day simple moving average is $97.12. Otis Worldwide Co. has a fifty-two week low of $89.70 and a fifty-two week high of $106.83. The stock has a market capitalization of $37.63 billion, a PE ratio of 23.49 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.91 by $0.01. The firm had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. The business’s revenue was down 2.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.88 earnings per share. On average, research analysts expect that Otis Worldwide Co. will post 4.04 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 6th. Investors of record on Friday, May 16th were given a $0.42 dividend. This is a boost 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 of this dividend was Friday, May 16th. Otis Worldwide’s payout ratio is currently 44.09%.

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.