Otis Worldwide Co. (NYSE:OTIS) Holdings Boosted by Addison Advisors LLC

Addison Advisors LLC boosted its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 22.6% during the 4th quarter, HoldingsChannel reports. The firm owned 3,474 shares of the company’s stock after buying an additional 641 shares during the quarter. Addison Advisors LLC’s holdings in Otis Worldwide were worth $311,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in OTIS. JPMorgan Chase & Co. grew its holdings in shares of Otis Worldwide by 47.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock valued at $605,571,000 after acquiring an additional 2,442,203 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in shares of Otis Worldwide by 104.5% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,555,300 shares of the company’s stock valued at $124,906,000 after acquiring an additional 794,626 shares in the last quarter. Qube Research & Technologies Ltd grew its holdings in shares of Otis Worldwide by 119.1% during the 3rd quarter. Qube Research & Technologies Ltd now owns 981,574 shares of the company’s stock valued at $78,830,000 after acquiring an additional 533,590 shares in the last quarter. Barclays PLC grew its holdings in shares of Otis Worldwide by 82.1% during the 3rd quarter. Barclays PLC now owns 957,288 shares of the company’s stock valued at $76,878,000 after acquiring an additional 431,542 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. grew its holdings in shares of Otis Worldwide by 64.9% during the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 774,386 shares of the company’s stock valued at $62,191,000 after acquiring an additional 304,669 shares in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Argus raised shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 target price on the stock in a research report on Thursday, February 22nd. JPMorgan Chase & Co. increased their target price on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday. Vertical Research downgraded shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. Royal Bank of Canada reissued an “outperform” rating and set a $100.00 target price on shares of Otis Worldwide in a research report on Monday, February 5th. Finally, Melius initiated coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating on the stock. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and an average target price of $96.86.

Otis Worldwide Stock Down 0.9 %

OTIS stock traded down $0.82 during mid-day trading on Friday, reaching $92.20. 2,314,121 shares of the stock traded hands, compared to its average volume of 1,745,609. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $100.35. The business has a 50-day moving average of $96.44 and a two-hundred day moving average of $89.35. The firm has a market capitalization of $37.27 billion, a PE ratio of 26.64 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.01. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. The business had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.44 billion. On average, equities research analysts anticipate that Otis Worldwide Co. will post 3.87 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.69%. The ex-dividend date is Thursday, May 16th. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s dividend payout ratio (DPR) is presently 39.31%.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the completion of the transaction, the insider now owns 67,274 shares in the company, valued at $6,128,661.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the completion of the transaction, the insider now owns 67,274 shares in the company, valued at $6,128,661.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Judith Fran Marks sold 37,312 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the transaction, the chief executive officer now owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The disclosure for this sale can be found here. 0.23% of the stock is owned by corporate insiders.

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.