Cohen Capital Management Inc. Has $4.73 Million Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Cohen Capital Management Inc. raised its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 0.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,686 shares of the company’s stock after acquiring an additional 292 shares during the period. Cohen Capital Management Inc.’s holdings in Otis Worldwide were worth $4,734,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. boosted its holdings in Otis Worldwide by 0.3% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 32,048 shares of the company’s stock valued at $3,181,000 after acquiring an additional 110 shares during the period. Tritonpoint Wealth LLC boosted its holdings in Otis Worldwide by 4.1% during the first quarter. Tritonpoint Wealth LLC now owns 2,869 shares of the company’s stock valued at $285,000 after acquiring an additional 113 shares during the period. Private Trust Co. NA boosted its holdings in Otis Worldwide by 0.9% during the first quarter. Private Trust Co. NA now owns 12,931 shares of the company’s stock valued at $1,284,000 after acquiring an additional 118 shares during the period. Massmutual Trust Co. FSB ADV lifted its stake in shares of Otis Worldwide by 7.1% in the first quarter. Massmutual Trust Co. FSB ADV now owns 1,867 shares of the company’s stock valued at $185,000 after buying an additional 124 shares during the period. Finally, JB Capital LLC lifted its stake in shares of Otis Worldwide by 0.5% in the fourth quarter. JB Capital LLC now owns 26,572 shares of the company’s stock valued at $2,377,000 after buying an additional 129 shares during the period. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Up 2.4 %

OTIS traded up $2.37 during midday trading on Thursday, reaching $99.24. 2,189,978 shares of the company’s stock were exchanged, compared to its average volume of 2,051,972. The firm has a market capitalization of $40.13 billion, a price-to-earnings ratio of 28.68 and a beta of 1.03. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $100.84. The business has a 50-day simple moving average of $96.81 and a two-hundred day simple moving average of $94.36.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data 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 company had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.44 billion. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. As a group, research analysts anticipate that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 17th were issued a dividend of $0.39 per share. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Thursday, May 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.57%. Otis Worldwide’s dividend payout ratio (DPR) is presently 45.09%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. 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. Argus increased their target price on shares of Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Wells Fargo & Company increased their target price on shares of Otis Worldwide from $98.00 to $100.00 and gave the company an “equal weight” rating in a research note on Wednesday. JPMorgan Chase & Co. increased their target price on shares of Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, April 25th. Finally, Melius started coverage on shares of Otis Worldwide in a research note on Tuesday, April 2nd. They issued a “hold” rating for the company. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Otis Worldwide has a consensus rating of “Hold” and an average target price of $99.67.

Insider Transactions at Otis Worldwide

In other news, EVP Peiming Zheng sold 30,364 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the completion of the sale, the executive vice president now owns 15,570 shares of the company’s stock, valued at $1,458,753.30. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.23% of the company’s stock.

Otis Worldwide 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.