Otis Worldwide Corporation (NYSE:OTIS) Stock Holdings Increased by Daymark Wealth Partners LLC

Daymark Wealth Partners LLC lifted its stake in Otis Worldwide Corporation (NYSE:OTIS) by 10.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,674 shares of the company’s stock after purchasing an additional 788 shares during the quarter. Daymark Wealth Partners LLC’s holdings in Otis Worldwide were worth $895,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Analyst Ratings Changes

OTIS has been the topic of several recent research reports. Barclays cut 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 report on Friday, April 25th. JPMorgan Chase & Co. raised their price objective on shares of Otis Worldwide from $88.00 to $101.00 and gave the company a “neutral” rating in a research report on Friday, May 16th. Wells Fargo & Company dropped 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. Finally, Royal Bank Of Canada dropped their price target on shares of Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a research report on Monday, April 28th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and a consensus target price of $100.71.

Otis Worldwide Stock Up 1.0%

NYSE:OTIS opened at $97.63 on Friday. Otis Worldwide Corporation has a 12 month low of $89.70 and a 12 month high of $106.83. The firm has a market cap of $38.53 billion, a price-to-earnings ratio of 25.63 and a beta of 0.98. The company’s 50 day moving average is $96.23 and its 200-day moving average is $96.72.

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

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 16th were paid a $0.42 dividend. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.39. The ex-dividend date was Friday, May 16th. This represents a $1.68 annualized dividend and a dividend yield of 1.72%. Otis Worldwide’s dividend payout ratio (DPR) is presently 44.09%.

Otis Worldwide Company Profile

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.