Otis Worldwide Co. (NYSE:OTIS) Shares Purchased by Cohen Capital Management Inc.

Cohen Capital Management Inc. lifted its position in Otis Worldwide Co. (NYSE:OTIS) by 0.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund 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 filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in OTIS. Cambridge Investment Research Advisors Inc. boosted its stake 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 worth $3,181,000 after buying an additional 110 shares during the last quarter. Tritonpoint Wealth LLC boosted its stake in Otis Worldwide by 4.1% during the first quarter. Tritonpoint Wealth LLC now owns 2,869 shares of the company’s stock worth $285,000 after buying an additional 113 shares during the last quarter. Private Trust Co. NA boosted its stake in Otis Worldwide by 0.9% during the first quarter. Private Trust Co. NA now owns 12,931 shares of the company’s stock worth $1,284,000 after buying an additional 118 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its stake in Otis Worldwide by 7.1% during the first quarter. Massmutual Trust Co. FSB ADV now owns 1,867 shares of the company’s stock worth $185,000 after buying an additional 124 shares during the last quarter. Finally, JB Capital LLC boosted its stake in Otis Worldwide by 0.5% during the fourth quarter. JB Capital LLC now owns 26,572 shares of the company’s stock worth $2,377,000 after buying an additional 129 shares during the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have weighed in on OTIS. Wells Fargo & Company boosted their price objective on Otis Worldwide from $98.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Argus upped their price target on Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Melius assumed coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They issued a “hold” rating on the stock. JPMorgan Chase & Co. upped their price target on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, April 25th. Finally, Barclays boosted their price objective on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a report on Tuesday, April 2nd. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $99.67.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of the 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 sale, the executive vice president now directly owns 15,570 shares of the company’s stock, valued at approximately $1,458,753.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.23% of the stock is owned by insiders.

Otis Worldwide Trading Up 2.4 %

Shares of NYSE OTIS traded up $2.37 during trading hours on Thursday, reaching $99.24. The stock had a trading volume of 2,189,978 shares, compared to its average volume of 2,051,972. The firm has a market cap of $40.13 billion, a price-to-earnings ratio of 28.68 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 $100.84. The firm has a 50-day moving average of $96.81 and a 200-day moving average of $94.36.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.01. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. The firm had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.44 billion. On average, equities analysts predict that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Increases Dividend

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