Ashton Thomas Private Wealth LLC Invests $101,000 in Otis Worldwide Co. (NYSE:OTIS)

Ashton Thomas Private Wealth LLC purchased a new stake in Otis Worldwide Co. (NYSE:OTIS) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 1,045 shares of the company’s stock, valued at approximately $101,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Jamison Private Wealth Management Inc. raised its stake in Otis Worldwide by 5,720.0% in the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock valued at $28,000 after purchasing an additional 286 shares in the last quarter. Hantz Financial Services Inc. bought a new position in Otis Worldwide in the second quarter valued at about $29,000. LifeSteps Financial Inc. bought a new position in Otis Worldwide in the first quarter valued at about $31,000. Accent Capital Management LLC bought a new position in Otis Worldwide in the fourth quarter valued at about $36,000. Finally, Versant Capital Management Inc grew its position in Otis Worldwide by 125.0% in the second quarter. Versant Capital Management Inc now owns 369 shares of the company’s stock valued at $36,000 after acquiring an additional 205 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

Shares of OTIS opened at $94.18 on Friday. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $100.84. The business’s 50 day moving average price is $94.49 and its two-hundred day moving average price is $95.91. The firm has a market cap of $38.08 billion, a PE ratio of 27.22 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.03. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.74 billion. During the same quarter in the prior year, the company posted $0.92 earnings per share. Otis Worldwide’s revenue was down 3.2% compared to the same quarter last year. Research analysts predict that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were paid a $0.39 dividend. The ex-dividend date was Friday, August 16th. This represents a $1.56 dividend on an annualized basis and a yield of 1.66%. Otis Worldwide’s dividend payout ratio (DPR) is presently 45.09%.

Wall Street Analyst Weigh In

OTIS has been the topic of a number of recent analyst reports. Morgan Stanley assumed coverage on Otis Worldwide in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price on the stock. Wells Fargo & Company reduced their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, July 25th. Seven 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, the stock presently has an average rating of “Hold” and a consensus price target of $98.57.

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.