Otis Worldwide Co. (NYSE:OTIS) Shares Purchased by Cooper Financial Group

Cooper Financial Group boosted its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 8.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,864 shares of the company’s stock after acquiring an additional 665 shares during the quarter. Cooper Financial Group’s holdings in Otis Worldwide were worth $880,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in OTIS. Massmutual Trust Co. FSB ADV grew its stake in shares of Otis Worldwide by 7.1% in the first quarter. Massmutual Trust Co. FSB ADV now owns 1,867 shares of the company’s stock valued at $185,000 after buying an additional 124 shares in the last quarter. JB Capital LLC increased its position in shares of Otis Worldwide by 0.5% during the fourth quarter. JB Capital LLC now owns 26,572 shares of the company’s stock worth $2,377,000 after purchasing an additional 129 shares in the last quarter. Baystate Wealth Management LLC increased its position in shares of Otis Worldwide by 16.7% during the fourth quarter. Baystate Wealth Management LLC now owns 964 shares of the company’s stock worth $86,000 after purchasing an additional 138 shares in the last quarter. ICW Investment Advisors LLC increased its position in shares of Otis Worldwide by 2.4% during the fourth quarter. ICW Investment Advisors LLC now owns 6,129 shares of the company’s stock worth $548,000 after purchasing an additional 144 shares in the last quarter. Finally, Spire Wealth Management increased its position in shares of Otis Worldwide by 19.0% during the fourth quarter. Spire Wealth Management now owns 932 shares of the company’s stock worth $82,000 after purchasing an additional 149 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Down 0.7 %

OTIS stock opened at $95.92 on Monday. The company has a market cap of $38.78 billion, a price-to-earnings ratio of 27.72 and a beta of 1.04. The business has a fifty day simple moving average of $96.14 and a 200-day simple moving average of $93.69. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $100.84.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.01. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. The business had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.44 billion. As a group, analysts expect that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 17th were issued a $0.39 dividend. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. This represents a $1.56 annualized dividend and a yield of 1.63%. The ex-dividend date was Thursday, May 16th. Otis Worldwide’s dividend payout ratio is currently 45.09%.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total value of $2,844,803.16. Following the completion of the transaction, the executive vice president now directly owns 15,570 shares of the company’s stock, valued at approximately $1,458,753.30. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.23% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages recently issued reports on OTIS. Argus boosted their price target on Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Barclays boosted their price target on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 2nd. Melius started coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They set a “hold” rating on the stock. Wells Fargo & Company reduced their target price on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 25th. Finally, JPMorgan Chase & Co. upped their target price on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, April 25th. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Otis Worldwide has an average rating of “Hold” and an average price target of $99.33.

Otis Worldwide 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.