Brookstone Capital Management Acquires New Holdings in Otis Worldwide Co. (NYSE:OTIS)

Brookstone Capital Management acquired a new stake in Otis Worldwide Co. (NYSE:OTIS) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 2,587 shares of the company’s stock, valued at approximately $257,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Stevens Capital Management LP raised its holdings in Otis Worldwide by 142.1% in the 4th quarter. Stevens Capital Management LP now owns 7,555 shares of the company’s stock valued at $676,000 after buying an additional 4,435 shares during the period. International Assets Investment Management LLC grew its position in Otis Worldwide by 13,638.0% in the 4th quarter. International Assets Investment Management LLC now owns 151,667 shares of the company’s stock valued at $13,570,000 after acquiring an additional 150,563 shares in the last quarter. Johnson Investment Counsel Inc. grew its position in Otis Worldwide by 1.9% in the 4th quarter. Johnson Investment Counsel Inc. now owns 9,329 shares of the company’s stock valued at $835,000 after acquiring an additional 175 shares in the last quarter. SG Americas Securities LLC grew its position in Otis Worldwide by 176.4% in the 4th quarter. SG Americas Securities LLC now owns 115,993 shares of the company’s stock valued at $10,378,000 after acquiring an additional 74,030 shares in the last quarter. Finally, Smith Salley & Associates acquired a new position in Otis Worldwide in the 4th quarter valued at about $1,113,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Otis Worldwide

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

Otis Worldwide Stock Up 1.1 %

Shares of OTIS opened at $95.96 on Wednesday. The stock has a 50 day moving average price of $96.14 and a 200 day moving average price of $94.04. The company has a market capitalization of $38.80 billion, a price-to-earnings ratio of 27.73 and a beta of 1.03. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $100.84.

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, beating analysts’ consensus estimates of $0.87 by $0.01. The firm had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.44 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. On average, equities analysts anticipate that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The firm 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 represents a $1.56 dividend on an annualized basis and a yield of 1.63%. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Thursday, May 16th. Otis Worldwide’s dividend payout ratio is 45.09%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on OTIS. Barclays lifted their target price on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 2nd. Wells Fargo & Company lowered their price objective on 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. Argus boosted their price objective on Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Melius initiated coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating for the company. Finally, JPMorgan Chase & Co. boosted their price objective on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, April 25th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $99.33.

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.