Encompass Wealth Advisors LLC bought a new stake in Otis Worldwide Co. (NYSE:OTIS) during the fourth quarter, HoldingsChannel reports. The institutional investor bought 910 shares of the company’s stock, valued at approximately $61,000.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in OTIS. Berman Capital Advisors LLC increased its position in shares of Otis Worldwide by 67.2% during the fourth quarter. Berman Capital Advisors LLC now owns 403 shares of the company’s stock worth $26,000 after acquiring an additional 162 shares during the period. Safeguard Investment Advisory Group LLC purchased a new stake in shares of Otis Worldwide during the fourth quarter worth $26,000. Addison Advisors LLC purchased a new stake in shares of Otis Worldwide during the fourth quarter worth $27,000. Ironwood Wealth Management LLC. increased its position in shares of Otis Worldwide by 1,280.0% during the fourth quarter. Ironwood Wealth Management LLC. now owns 414 shares of the company’s stock worth $28,000 after acquiring an additional 384 shares during the period. Finally, Concord Wealth Partners purchased a new stake in shares of Otis Worldwide during the fourth quarter worth $29,000. 83.76% of the stock is currently owned by institutional investors.
Shares of NYSE:OTIS opened at $69.63 on Thursday. Otis Worldwide Co. has a 52 week low of $41.26 and a 52 week high of $70.67. The company has a 50-day moving average price of $66.27 and a 200 day moving average price of $65.80.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 10th. Investors of record on Friday, February 12th were given a $0.20 dividend. The ex-dividend date of this dividend was Thursday, February 11th. This represents a $0.80 dividend on an annualized basis and a yield of 1.15%.
Several equities analysts recently commented on the company. HSBC raised Otis Worldwide from a “reduce” rating to a “hold” rating and set a $65.00 target price on the stock in a report on Monday, March 29th. Barclays upped their price objective on shares of Otis Worldwide from $62.00 to $66.00 and gave the company an “equal weight” rating in a research note on Tuesday. Credit Suisse Group increased their target price on shares of Otis Worldwide from $68.00 to $72.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 2nd. Cowen increased their target price on shares of Otis Worldwide from $75.00 to $77.00 in a research note on Wednesday, March 3rd. Finally, Berenberg Bank assumed coverage on shares of Otis Worldwide in a research note on Monday, March 22nd. They set a “buy” rating and a $85.00 target price for the company. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $73.75.
Otis Worldwide Company Profile
Otis Worldwide Corporation manufactures, installs, and services elevators and escalators in the United States, China, and internationally. The company operates through 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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