Grimes & Company Inc. Purchases 183 Shares of Otis Worldwide Co. (NYSE:OTIS)

Grimes & Company Inc. lifted its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 3.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,325 shares of the company’s stock after purchasing an additional 183 shares during the period. Grimes & Company Inc.’s holdings in Otis Worldwide were worth $529,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in OTIS. Cetera Trust Company N.A acquired a new stake in shares of Otis Worldwide during the fourth quarter worth $27,000. Turtle Creek Wealth Advisors LLC bought a new stake in Otis Worldwide in the 4th quarter valued at about $28,000. Orion Capital Management LLC acquired a new position in shares of Otis Worldwide during the 3rd quarter worth approximately $30,000. Pacific Capital Wealth Advisors Inc. acquired a new position in shares of Otis Worldwide during the 4th quarter worth approximately $35,000. Finally, Accent Capital Management LLC bought a new position in shares of Otis Worldwide during the fourth quarter worth approximately $36,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Barclays increased their price target on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 2nd. Wells Fargo & Company cut their price objective on shares of Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a research report on Thursday, April 25th. JPMorgan Chase & Co. raised their target price on shares of Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, April 25th. Melius assumed coverage on shares of Otis Worldwide in a report on Tuesday, April 2nd. They set a “hold” rating for the company. Finally, Argus lifted their price objective on shares of Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and an average price target of $99.33.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $96.26 on Friday. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $100.84. The company has a market cap of $38.92 billion, a price-to-earnings ratio of 27.82 and a beta of 1.04. The firm has a 50 day simple moving average of $96.20 and a 200 day simple moving average of $93.93.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.01. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. The company 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 EPS for the current year.

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 17th were paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.62%. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date was Thursday, May 16th. Otis Worldwide’s dividend payout ratio (DPR) is presently 45.09%.

Insider Transactions at Otis Worldwide

In related news, EVP Peiming Zheng sold 30,364 shares of the firm’s stock in a transaction that occurred on 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 owns 15,570 shares in the company, valued at approximately $1,458,753.30. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 0.23% of the company’s stock.

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.