40,270 Shares in Otis Worldwide Corporation (NYSE:OTIS) Acquired by Brookstone Capital Management

Brookstone Capital Management bought a new position in shares of Otis Worldwide Corporation (NYSE:OTIS) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 40,270 shares of the company’s stock, valued at approximately $4,156,000.

A number of other large investors have also recently added to or reduced their stakes in the business. Coldstream Capital Management Inc. lifted its position in shares of Otis Worldwide by 4.2% during the 4th quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company’s stock valued at $249,000 after acquiring an additional 109 shares during the last quarter. Montis Financial LLC raised its position in shares of Otis Worldwide by 5.2% during the fourth quarter. Montis Financial LLC now owns 2,216 shares of the company’s stock worth $205,000 after purchasing an additional 110 shares during the period. Thurston Springer Miller Herd & Titak Inc. lifted its holdings in shares of Otis Worldwide by 15.3% during the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 828 shares of the company’s stock valued at $85,000 after purchasing an additional 110 shares during the last quarter. AlTi Global Inc. boosted its position in shares of Otis Worldwide by 4.9% in the 4th quarter. AlTi Global Inc. now owns 2,404 shares of the company’s stock valued at $223,000 after purchasing an additional 113 shares during the period. Finally, Dorsey & Whitney Trust CO LLC increased its stake in Otis Worldwide by 1.7% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company’s stock worth $643,000 after purchasing an additional 114 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Down 0.3%

Shares of OTIS stock opened at $99.51 on Friday. Otis Worldwide Corporation has a 12 month low of $89.70 and a 12 month high of $106.83. The firm has a market cap of $39.27 billion, a PE ratio of 26.12 and a beta of 0.98. The stock has a 50 day moving average of $96.70 and a 200-day moving average of $96.79.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.91 by $0.01. Otis Worldwide had a net margin of 10.83% and a negative return on equity of 31.72%. The business had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. During the same quarter in the previous year, the firm posted $0.88 earnings per share. Otis Worldwide’s revenue was down 2.5% compared to the same quarter last year. As a group, equities analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 16th were given a dividend of $0.42 per share. The ex-dividend date of this dividend was Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.69%. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.39. Otis Worldwide’s dividend payout ratio is currently 44.09%.

Analyst Upgrades and Downgrades

A number of research firms have commented on OTIS. Royal Bank Of Canada reduced their price objective on shares of Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating for the company in a research note on Monday, April 28th. Wells Fargo & Company boosted their price target on shares of Otis Worldwide from $95.00 to $100.00 and gave the company an “equal weight” rating in a report on Tuesday, July 1st. Barclays reduced their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a research report on Friday, April 25th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Otis Worldwide from $88.00 to $101.00 and gave the stock a “neutral” rating in a research report on Friday, May 16th. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and an average target price of $101.43.

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.