Investment Research & Advisory Group Inc. Boosts Position in Otis Worldwide Corporation (NYSE:OTIS)

Investment Research & Advisory Group Inc. raised its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 17.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,870 shares of the company’s stock after buying an additional 2,998 shares during the period. Investment Research & Advisory Group Inc.’s holdings in Otis Worldwide were worth $2,051,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. NBC Securities Inc. purchased a new position in shares of Otis Worldwide in the 1st quarter valued at $25,000. Transce3nd LLC acquired a new stake in Otis Worldwide in the 4th quarter valued at $25,000. Aster Capital Management DIFC Ltd acquired a new stake in Otis Worldwide in the 4th quarter valued at $28,000. Centricity Wealth Management LLC purchased a new position in Otis Worldwide in the fourth quarter valued at about $33,000. Finally, Flagship Wealth Advisors LLC acquired a new position in shares of Otis Worldwide during the fourth quarter worth about $34,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

OTIS has been the subject of several analyst reports. Barclays decreased their target price on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a research report on Friday, April 25th. Royal Bank Of Canada decreased their price target on Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating for the company in a report on Monday, April 28th. JPMorgan Chase & Co. lifted their price objective on shares of Otis Worldwide from $88.00 to $101.00 and gave the company a “neutral” rating in a research note on Friday, May 16th. Finally, Wells Fargo & Company decreased their target price on shares of Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, April 24th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $100.71.

Otis Worldwide Stock Performance

Shares of OTIS opened at $95.64 on Friday. Otis Worldwide Corporation has a one year low of $89.70 and a one year high of $106.83. The stock has a 50-day moving average price of $96.39 and a 200 day moving average price of $96.86. The company has a market capitalization of $37.75 billion, a P/E ratio of 25.10 and a beta of 0.98.

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

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 16th were issued a dividend of $0.42 per share. This is a positive change 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 dividend payout ratio (DPR) 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.