HighPoint Advisor Group LLC Buys New Holdings in Otis Worldwide Co. (NYSE:OTIS)

HighPoint Advisor Group LLC bought a new stake in Otis Worldwide Co. (NYSE:OTIS) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 9,661 shares of the company’s stock, valued at approximately $957,000.

Other hedge funds have also recently bought and sold shares of the company. Meiji Yasuda Asset Management Co Ltd. raised its stake in Otis Worldwide by 54.5% during the third 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 boosted its holdings in 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 acquiring an additional 4,435 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in 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 acquiring an additional 150,563 shares during the last quarter. Johnson Investment Counsel Inc. boosted its holdings in Otis Worldwide by 1.9% in the fourth quarter. Johnson Investment Counsel Inc. now owns 9,329 shares of the company’s stock valued at $835,000 after acquiring an additional 175 shares during the last quarter. Finally, SG Americas Securities LLC boosted its holdings in Otis Worldwide by 176.4% in the fourth quarter. SG Americas Securities LLC now owns 115,993 shares of the company’s stock valued at $10,378,000 after acquiring an additional 74,030 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have issued reports on OTIS. Wells Fargo & Company reduced their target price on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a report on Thursday, April 25th. Barclays raised their price target on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 2nd. Argus raised their price target on Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. JPMorgan Chase & Co. raised their price target on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, April 25th. Finally, Melius started coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating on the stock. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $97.71.

Insider Transactions at Otis Worldwide

In other news, EVP Peiming Zheng sold 30,364 shares of Otis Worldwide stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the completion of the transaction, the executive vice president now directly owns 15,570 shares in the company, valued at approximately $1,458,753.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.23% of the stock is currently owned by corporate insiders.

Otis Worldwide Stock Performance

Otis Worldwide stock traded down $2.60 during midday trading on Tuesday, reaching $94.87. The stock had a trading volume of 408,262 shares, compared to its average volume of 2,019,058. The firm’s fifty day simple moving average is $96.24 and its 200-day simple moving average is $93.41. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $100.84. The stock has a market capitalization of $38.36 billion, a P/E ratio of 28.17 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.01. The firm had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.44 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. On average, sell-side analysts anticipate that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 17th were paid a dividend of $0.39 per share. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. This represents a $1.56 annualized dividend and a dividend yield of 1.64%. The ex-dividend date of this dividend was Thursday, May 16th. Otis Worldwide’s payout ratio is currently 45.09%.

About Otis Worldwide

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.