Otis Worldwide Co. (NYSE:OTIS) Shares Bought by First Trust Direct Indexing L.P.

First Trust Direct Indexing L.P. grew its position in Otis Worldwide Co. (NYSE:OTIS) by 15.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 10,530 shares of the company’s stock after purchasing an additional 1,422 shares during the period. First Trust Direct Indexing L.P.’s holdings in Otis Worldwide were worth $1,045,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Cetera Trust Company N.A purchased a new stake in shares of Otis Worldwide in the 4th quarter valued at $27,000. Turtle Creek Wealth Advisors LLC acquired a new stake in Otis Worldwide during the fourth quarter worth about $28,000. Orion Capital Management LLC purchased a new position in Otis Worldwide during the third quarter valued at approximately $30,000. Pacific Capital Wealth Advisors Inc. acquired a new position in Otis Worldwide in the fourth quarter valued at approximately $35,000. Finally, Accent Capital Management LLC purchased a new position in shares of Otis Worldwide during the 4th quarter valued at approximately $36,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock opened at $96.51 on Friday. The stock has a 50 day moving average of $96.27 and a 200 day moving average of $94.07. The firm has a market capitalization of $39.02 billion, a price-to-earnings ratio of 27.89 and a beta of 1.03. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $100.84.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, beating the consensus estimate of $0.87 by $0.01. The business had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.44 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. Analysts forecast that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Increases Dividend

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

Analyst Upgrades and Downgrades

OTIS has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. increased their price target on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, April 25th. Barclays upped their price objective on shares of Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 2nd. Melius began coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They issued a “hold” rating on the stock. Argus upped 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. Finally, Wells Fargo & Company reduced their price objective on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 25th. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $99.33.

Insider Buying and Selling at Otis Worldwide

In other news, EVP Peiming Zheng sold 30,364 shares of the company’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 transaction, the executive vice president now directly 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 is accessible through this hyperlink. 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.