Daymark Wealth Partners LLC Sells 193 Shares of Otis Worldwide Co. (NYSE:OTIS)

Daymark Wealth Partners LLC lowered its holdings in Otis Worldwide Co. (NYSE:OTIS) by 2.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 7,435 shares of the company’s stock after selling 193 shares during the quarter. Daymark Wealth Partners LLC’s holdings in Otis Worldwide were worth $716,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in OTIS. Meeder Asset Management Inc. grew its holdings in Otis Worldwide by 264.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after acquiring an additional 196 shares during the last quarter. Jamison Private Wealth Management Inc. lifted its position in shares of Otis Worldwide by 5,720.0% during the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after purchasing an additional 286 shares in the last quarter. Cranbrook Wealth Management LLC grew its stake in shares of Otis Worldwide by 675.7% during the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after purchasing an additional 250 shares during the last quarter. Hantz Financial Services Inc. acquired a new stake in shares of Otis Worldwide in the second quarter valued at approximately $29,000. Finally, LifeSteps Financial Inc. bought a new position in Otis Worldwide in the 1st quarter worth approximately $31,000. Institutional investors own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

OTIS has been the subject of several research reports. Morgan Stanley began coverage on Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price for the company. Wells Fargo & Company decreased 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. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. Seven analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $100.00.

Otis Worldwide Stock Up 1.0 %

Shares of Otis Worldwide stock opened at $104.44 on Friday. The business has a fifty day simple moving average of $94.39 and a 200 day simple moving average of $96.08. The stock has a market cap of $42.23 billion, a PE ratio of 30.18 and a beta of 1.03. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $105.24.

Otis Worldwide (NYSE:OTIS) last posted its 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. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The company’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.92 EPS. Analysts expect that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were issued a $0.39 dividend. The ex-dividend date was Friday, August 16th. This represents a $1.56 annualized dividend and a yield of 1.49%. Otis Worldwide’s dividend payout ratio (DPR) is presently 45.09%.

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.