Flagship Harbor Advisors LLC Sells 211 Shares of Otis Worldwide Corporation (NYSE:OTIS)

Flagship Harbor Advisors LLC lessened its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 6.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,974 shares of the company’s stock after selling 211 shares during the quarter. Flagship Harbor Advisors LLC’s holdings in Otis Worldwide were worth $307,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. Transce3nd LLC purchased a new stake in Otis Worldwide during the fourth quarter worth about $25,000. NBC Securities Inc. bought a new position in shares of Otis Worldwide during the 1st quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Otis Worldwide during the 4th quarter worth approximately $28,000. Flagship Wealth Advisors LLC bought a new stake in shares of Otis Worldwide in the 4th quarter worth approximately $34,000. Finally, Orion Capital Management LLC bought a new stake in shares of Otis Worldwide in the 4th quarter worth approximately $35,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on OTIS. JPMorgan Chase & Co. raised their target price on Otis Worldwide from $88.00 to $101.00 and gave the stock a “neutral” rating in a research report on Friday, May 16th. Wells Fargo & Company decreased their price objective on Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, April 24th. Barclays dropped their price objective on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a report on Friday, April 25th. Finally, Royal Bank Of Canada reduced 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 analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and a consensus price target of $100.71.

Otis Worldwide Stock Performance

Shares of OTIS opened at $96.69 on Thursday. The stock has a market capitalization of $38.16 billion, a price-to-earnings ratio of 25.38 and a beta of 0.98. Otis Worldwide Corporation has a 52-week low of $89.70 and a 52-week high of $106.83. The stock’s 50-day simple moving average is $96.25 and its 200 day simple moving average is $96.74.

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

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 16th were given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date was Friday, May 16th. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.39. Otis Worldwide’s dividend payout ratio (DPR) is 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.