Connecticut Wealth Management LLC cut its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 0.9% during the 1st quarter, Holdings Channel reports. The firm owned 313,722 shares of the company’s stock after selling 2,695 shares during the period. Otis Worldwide makes up 1.4% of Connecticut Wealth Management LLC’s holdings, making the stock its 21st largest holding. Connecticut Wealth Management LLC’s holdings in Otis Worldwide were worth $21,474,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. increased its stake in Otis Worldwide by 6.7% in the first quarter. BlackRock Inc. now owns 34,379,844 shares of the company’s stock valued at $2,353,302,000 after acquiring an additional 2,154,634 shares during the last quarter. Fiera Capital Corp increased its stake in Otis Worldwide by 7.0% in the fourth quarter. Fiera Capital Corp now owns 10,730,362 shares of the company’s stock valued at $724,835,000 after acquiring an additional 706,092 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Otis Worldwide by 0.5% in the fourth quarter. Bank of New York Mellon Corp now owns 9,079,553 shares of the company’s stock valued at $613,323,000 after acquiring an additional 42,415 shares during the last quarter. Alliancebernstein L.P. increased its stake in Otis Worldwide by 2.1% in the first quarter. Alliancebernstein L.P. now owns 7,042,798 shares of the company’s stock valued at $482,080,000 after acquiring an additional 146,701 shares during the last quarter. Finally, Credit Suisse AG grew its stake in shares of Otis Worldwide by 1.1% during the fourth quarter. Credit Suisse AG now owns 6,772,730 shares of the company’s stock worth $457,499,000 after buying an additional 72,720 shares during the last quarter. 85.23% of the stock is currently owned by institutional investors.
A number of analysts have weighed in on the stock. Berenberg Bank assumed coverage on shares of Otis Worldwide in a research note on Tuesday, March 16th. They set a “buy” rating and a $85.00 target price on the stock. HSBC raised shares of Otis Worldwide from a “reduce” rating to a “hold” rating and set a $65.00 target price on the stock in a research note on Monday, March 29th. Credit Suisse Group boosted their target price on shares of Otis Worldwide from $72.00 to $77.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 27th. Barclays boosted their target price on shares of Otis Worldwide from $66.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 27th. Finally, Cowen boosted their target price on shares of Otis Worldwide from $75.00 to $77.00 in a research note on Wednesday, March 3rd. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $76.25.
Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Sunday, April 25th. The company reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.09. The company had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.16 billion. Otis Worldwide had a net margin of 7.95% and a negative return on equity of 33.25%. The business’s revenue for the quarter was up 14.9% on a year-over-year basis. Equities research analysts expect that Otis Worldwide Co. will post 2.86 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, June 10th. Investors of record on Friday, May 21st were issued a $0.24 dividend. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.20. The ex-dividend date was Thursday, May 20th. This represents a $0.96 annualized dividend and a yield of 1.20%. Otis Worldwide’s payout ratio is presently 38.10%.
In related news, insider Peiming Zheng sold 15,234 shares of the business’s stock in a transaction on Wednesday, April 28th. The shares were sold at an average price of $78.67, for a total value of $1,198,458.78. Following the transaction, the insider now owns 19,022 shares in the company, valued at $1,496,460.74. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.05% of the stock is owned by insiders.
About Otis Worldwide
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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