Ingalls & Snyder LLC cut its stake in shares of Otis Worldwide Co. (NYSE:OTIS – Get Rating) by 1.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 42,669 shares of the company’s stock after selling 490 shares during the period. Ingalls & Snyder LLC’s holdings in Otis Worldwide were worth $3,715,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in OTIS. CVA Family Office LLC raised its stake in Otis Worldwide by 483.3% during the 4th quarter. CVA Family Office LLC now owns 315 shares of the company’s stock valued at $27,000 after buying an additional 261 shares during the last quarter. Curi Wealth Management LLC purchased a new stake in shares of Otis Worldwide in the 4th quarter worth $27,000. Laffer Tengler Investments purchased a new stake in shares of Otis Worldwide in the 3rd quarter worth $28,000. Elmwood Wealth Management Inc. purchased a new stake in shares of Otis Worldwide in the 4th quarter worth $28,000. Finally, HHM Wealth Advisors LLC increased its stake in shares of Otis Worldwide by 103.0% in the 4th quarter. HHM Wealth Advisors LLC now owns 339 shares of the company’s stock worth $30,000 after purchasing an additional 172 shares in the last quarter. Institutional investors and hedge funds own 83.32% of the company’s stock.
Several research firms have commented on OTIS. Cowen dropped their price objective on shares of Otis Worldwide from $91.00 to $85.00 and set an “outperform” rating for the company in a report on Tuesday, April 26th. Cowen dropped their price objective on shares of Otis Worldwide from $91.00 to $85.00 and set an “outperform” rating for the company in a report on Tuesday, April 26th. Credit Suisse Group dropped their price objective on shares of Otis Worldwide from $88.00 to $81.00 and set a “neutral” rating for the company in a report on Tuesday, April 26th. Finally, Barclays lowered their price target on shares of Otis Worldwide from $88.00 to $80.00 and set an “equal weight” rating for the company in a report on Tuesday, April 26th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Otis Worldwide has an average rating of “Hold” and a consensus target price of $82.31.
Otis Worldwide (NYSE:OTIS – Get Rating) last posted its quarterly earnings data on Monday, April 25th. The company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.03. Otis Worldwide had a net margin of 8.73% and a negative return on equity of 35.81%. The company had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.45 billion. During the same period in the prior year, the company posted $0.72 EPS. The firm’s revenue for the quarter was up .2% on a year-over-year basis. On average, equities analysts forecast that Otis Worldwide Co. will post 3.25 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 10th. Investors of record on Friday, May 20th will be issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 1.54%. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.24. The ex-dividend date is Thursday, May 19th. Otis Worldwide’s dividend payout ratio (DPR) is presently 32.99%.
Otis Worldwide Company Profile (Get Rating)
Otis Worldwide Corporation manufactures, installs, and services 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.
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