Everett Harris & Co. CA Raises Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Everett Harris & Co. CA grew its position in Otis Worldwide Co. (NYSE:OTIS) by 6.4% in the 3rd quarter, Holdings Channel.com reports. The fund owned 4,967 shares of the company’s stock after acquiring an additional 300 shares during the quarter. Everett Harris & Co. CA’s holdings in Otis Worldwide were worth $516,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Hancock Whitney Corp boosted its stake in Otis Worldwide by 4.6% during the 1st quarter. Hancock Whitney Corp now owns 2,549 shares of the company’s stock worth $253,000 after purchasing an additional 111 shares during the period. Bleakley Financial Group LLC increased its stake in Otis Worldwide by 1.2% in the first quarter. Bleakley Financial Group LLC now owns 9,726 shares of the company’s stock valued at $965,000 after purchasing an additional 117 shares during the period. Brighton Jones LLC raised its holdings in shares of Otis Worldwide by 5.0% in the second quarter. Brighton Jones LLC now owns 2,580 shares of the company’s stock valued at $248,000 after buying an additional 124 shares during the last quarter. Park Avenue Securities LLC boosted its stake in shares of Otis Worldwide by 0.9% during the second quarter. Park Avenue Securities LLC now owns 14,931 shares of the company’s stock worth $1,437,000 after buying an additional 127 shares during the period. Finally, Clearstead Trust LLC grew its holdings in shares of Otis Worldwide by 15.3% during the first quarter. Clearstead Trust LLC now owns 1,018 shares of the company’s stock worth $101,000 after buying an additional 135 shares during the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have commented on OTIS shares. Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Barclays upped their price target on Otis Worldwide from $90.00 to $96.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. Wells Fargo & Company boosted their price objective on shares of Otis Worldwide from $95.00 to $108.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Morgan Stanley initiated coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price for the company. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a research note on Thursday, September 19th. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and a consensus target price of $102.71.

Otis Worldwide Stock Up 0.8 %

NYSE:OTIS opened at $106.01 on Friday. The firm’s fifty day simple moving average is $97.42 and its 200-day simple moving average is $96.62. The stock has a market cap of $42.46 billion, a PE ratio of 29.61 and a beta of 1.03. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $106.33.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.74 billion. During the same period last year, the company posted $0.92 earnings per share. The firm’s quarterly revenue was down 3.2% compared to the same quarter last year. Equities analysts anticipate that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 16th were issued a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $1.56 annualized dividend and a yield of 1.47%. Otis Worldwide’s dividend payout ratio is presently 43.58%.

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.