Thurston Springer Miller Herd & Titak Inc. Invests $50,000 in Otis Worldwide Co. (NYSE:OTIS)

Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Otis Worldwide Co. (NYSE:OTIS) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 517 shares of the company’s stock, valued at approximately $50,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Cetera Trust Company N.A purchased a new position in shares of Otis Worldwide during the fourth quarter valued at about $27,000. LifeSteps Financial Inc. purchased a new position in Otis Worldwide during the 1st quarter valued at approximately $31,000. Turtle Creek Wealth Advisors LLC bought a new stake in Otis Worldwide in the 4th quarter worth approximately $28,000. Pacific Capital Wealth Advisors Inc. purchased a new stake in shares of Otis Worldwide during the 4th quarter worth approximately $35,000. Finally, Accent Capital Management LLC bought a new position in shares of Otis Worldwide during the 4th quarter valued at approximately $36,000. 88.03% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. boosted their price target on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, April 25th. Wells Fargo & Company reduced their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, July 25th. Finally, Argus increased their price target 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. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $98.83.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock traded up $1.69 during trading on Wednesday, hitting $95.08. The stock had a trading volume of 158,078 shares, compared to its average volume of 2,114,065. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.84. The firm’s fifty day simple moving average is $96.70 and its 200-day simple moving average is $95.49. The stock has a market cap of $38.44 billion, a PE ratio of 26.99 and a beta of 1.03.

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

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Friday, August 16th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, August 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.64%. Otis Worldwide’s dividend payout ratio (DPR) is 45.09%.

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.