Greenleaf Trust Boosts Holdings in Otis Worldwide Corporation (NYSE:OTIS)

Greenleaf Trust increased its position in Otis Worldwide Corporation (NYSE:OTIS) by 12.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,829 shares of the company’s stock after purchasing an additional 1,348 shares during the quarter. Greenleaf Trust’s holdings in Otis Worldwide were worth $1,221,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the company. Simon Quick Advisors LLC acquired a new position in shares of Otis Worldwide in the 1st quarter valued at approximately $443,000. SG Americas Securities LLC acquired a new stake in Otis Worldwide in the first quarter valued at $2,533,000. Quintet Private Bank Europe S.A. boosted its stake in Otis Worldwide by 3.4% during the 1st 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 during the last quarter. Assenagon Asset Management S.A. boosted its stake in Otis Worldwide by 362.4% during the 1st 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 during the last quarter. Finally, Kingswood Wealth Advisors LLC acquired a new position in Otis Worldwide during the 1st quarter worth $225,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Stock Up 0.6%

Shares of NYSE OTIS opened at $99.98 on Friday. The firm’s 50-day moving average price is $97.04 and its two-hundred day moving average price is $96.94. Otis Worldwide Corporation has a 52-week low of $89.70 and a 52-week high of $106.83. The stock has a market capitalization of $39.46 billion, a P/E ratio of 26.24 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 (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.01. Otis Worldwide had a negative return on equity of 31.72% and a net margin of 10.83%. The business had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.41 billion. During the same quarter last year, the business posted $0.88 EPS. The business’s revenue was down 2.5% on a year-over-year basis. As a group, equities research analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 16th were issued a dividend of $0.42 per share. 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 1.68%. Otis Worldwide’s payout ratio is 44.09%.

Wall Street Analysts Forecast Growth

OTIS has been the topic of a number of recent analyst reports. Royal Bank Of Canada cut their target price on shares of Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a research note on Monday, April 28th. JPMorgan Chase & Co. upped their price objective on Otis Worldwide from $88.00 to $101.00 and gave the company a “neutral” rating in a research note on Friday, May 16th. Barclays increased their target price on Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a report on Wednesday. Morgan Stanley lifted their target price on Otis Worldwide from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Finally, Wells Fargo & Company upped their price target on Otis Worldwide from $95.00 to $100.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 1st. Two equities research 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. According to data from MarketBeat, Otis Worldwide has a consensus rating of “Hold” and an average target price of $102.86.

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.