Douglas Lane & Associates LLC Has $292,000 Stake in Otis Worldwide Co. (NYSE:OTIS)

Douglas Lane & Associates LLC lowered its position in Otis Worldwide Co. (NYSE:OTISFree Report) by 7.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,946 shares of the company’s stock after selling 239 shares during the period. Douglas Lane & Associates LLC’s holdings in Otis Worldwide were worth $292,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in OTIS. Meiji Yasuda Asset Management Co Ltd. boosted its stake in shares of Otis Worldwide by 54.5% during the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 6,772 shares of the company’s stock worth $544,000 after acquiring an additional 2,390 shares in the last quarter. Stevens Capital Management LP raised its position in shares of Otis Worldwide by 142.1% in the fourth quarter. Stevens Capital Management LP now owns 7,555 shares of the company’s stock valued at $676,000 after purchasing an additional 4,435 shares during the period. International Assets Investment Management LLC raised its position in shares of Otis Worldwide by 13,638.0% in the fourth quarter. International Assets Investment Management LLC now owns 151,667 shares of the company’s stock valued at $13,570,000 after purchasing an additional 150,563 shares during the period. Johnson Investment Counsel Inc. boosted its holdings in shares of Otis Worldwide by 1.9% during the 4th quarter. Johnson Investment Counsel Inc. now owns 9,329 shares of the company’s stock worth $835,000 after buying an additional 175 shares during the period. Finally, SG Americas Securities LLC boosted its holdings in shares of Otis Worldwide by 176.4% during the 4th quarter. SG Americas Securities LLC now owns 115,993 shares of the company’s stock worth $10,378,000 after buying an additional 74,030 shares during the period. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Down 0.7 %

Otis Worldwide stock traded down $0.68 during mid-day trading on Friday, hitting $95.92. 2,547,640 shares of the company were exchanged, compared to its average volume of 1,977,880. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $100.84. The business has a fifty day moving average of $96.14 and a 200 day moving average of $93.64. The company has a market capitalization of $38.78 billion, a PE ratio of 27.72 and a beta of 1.04.

Otis Worldwide (NYSE:OTISGet Free Report) last announced its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.01. The firm had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.44 billion. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. Research analysts expect that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 17th were given a $0.39 dividend. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date was Thursday, May 16th. This represents a $1.56 annualized dividend and a yield of 1.63%. Otis Worldwide’s payout ratio is presently 45.09%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Melius assumed coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating for the company. Argus boosted their price objective on shares of Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Barclays increased their target price on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 2nd. Wells Fargo & Company lowered their price target on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 25th. Finally, JPMorgan Chase & Co. raised their price objective on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, April 25th. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and a consensus price target of $97.71.

Get Our Latest Stock Analysis on Otis Worldwide

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total value of $2,844,803.16. Following the completion of the sale, the executive vice president now owns 15,570 shares in the company, valued at approximately $1,458,753.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.23% of the company’s stock.

About Otis Worldwide

(Free Report)

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.

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Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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