Connecticut Wealth Management LLC Has $9.66 Million Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Connecticut Wealth Management LLC cut its position in Otis Worldwide Co. (NYSE:OTIS) by 0.9% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 100,334 shares of the company’s stock after selling 937 shares during the quarter. Connecticut Wealth Management LLC’s holdings in Otis Worldwide were worth $9,658,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently bought and sold shares of the company. Meeder Asset Management Inc. lifted its holdings in shares of Otis Worldwide by 264.9% during the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after buying an additional 196 shares during the last quarter. Jamison Private Wealth Management Inc. raised its stake in Otis Worldwide by 5,720.0% during the 2nd 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 during the last quarter. Cranbrook Wealth Management LLC boosted its holdings in Otis Worldwide by 675.7% in the 2nd 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 period. Hantz Financial Services Inc. acquired a new stake in Otis Worldwide in the 2nd quarter worth $29,000. Finally, LifeSteps Financial Inc. bought a new position in shares of Otis Worldwide during the 1st quarter worth about $31,000. Institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on OTIS shares. Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research note on Thursday. Wells Fargo & Company reduced their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, July 25th. Finally, Morgan Stanley assumed coverage on Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective on the stock. Seven investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $100.00.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $95.52 on Friday. The business has a 50 day simple moving average of $94.23 and a 200 day simple moving average of $95.92. The company has a market capitalization of $38.26 billion, a PE ratio of 27.61 and a beta of 1.03. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $100.84.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.74 billion. During the same period last year, the business earned $0.92 earnings per share. The business’s revenue was down 3.2% on a year-over-year basis. Equities analysts anticipate that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were paid a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $1.56 annualized dividend and a yield of 1.63%. Otis Worldwide’s dividend payout ratio is 45.09%.

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.