Douglas Lane & Associates LLC Has $327,000 Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Douglas Lane & Associates LLC lifted its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 15.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,396 shares of the company’s stock after purchasing an additional 450 shares during the period. Douglas Lane & Associates LLC’s holdings in Otis Worldwide were worth $327,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Nordea Investment Management AB increased its stake in shares of Otis Worldwide by 19.6% during the 1st quarter. Nordea Investment Management AB now owns 463,190 shares of the company’s stock worth $46,138,000 after purchasing an additional 75,878 shares during the last quarter. Stevens Capital Management LP grew its stake in Otis Worldwide by 142.1% in the 4th quarter. Stevens Capital Management LP now owns 7,555 shares of the company’s stock valued at $676,000 after buying an additional 4,435 shares during the last quarter. International Assets Investment Management LLC grew its stake in Otis Worldwide by 13,638.0% in the 4th quarter. International Assets Investment Management LLC now owns 151,667 shares of the company’s stock valued at $13,570,000 after buying an additional 150,563 shares during the last quarter. Johnson Investment Counsel Inc. grew its stake in Otis Worldwide by 1.9% in the 4th quarter. Johnson Investment Counsel Inc. now owns 9,329 shares of the company’s stock valued at $835,000 after buying an additional 175 shares during the last quarter. Finally, Smith Salley & Associates acquired a new position in Otis Worldwide in the 4th quarter valued at about $1,113,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Trading Down 0.1 %

NYSE:OTIS traded down $0.05 on Tuesday, hitting $93.37. The company had a trading volume of 3,123,196 shares, compared to its average volume of 2,127,094. The stock has a market capitalization of $37.75 billion, a price-to-earnings ratio of 26.99 and a beta of 1.03. The firm has a 50 day moving average of $96.70 and a two-hundred day moving average of $95.49. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $100.84.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 EPS for the quarter, beating the consensus estimate of $1.03 by $0.03. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.74 billion. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The firm’s revenue was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.92 EPS. As a group, equities analysts forecast that Otis Worldwide Co. will post 3.87 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 6th. Investors of record on Friday, August 16th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.67%. The ex-dividend date is Friday, August 16th. Otis Worldwide’s payout ratio is 45.09%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on OTIS. Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 25th. Argus boosted their price objective on shares of Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a report on Monday, May 13th. Finally, JPMorgan Chase & Co. upped their price target on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, April 25th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Otis Worldwide presently has an average rating of “Hold” and an average price target of $98.83.

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.