Crewe Advisors LLC Buys Shares of 1,319 Otis Worldwide Co. (NYSE:OTIS)

Crewe Advisors LLC bought a new stake in Otis Worldwide Co. (NYSE:OTIS) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 1,319 shares of the company’s stock, valued at approximately $131,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of OTIS. Cetera Trust Company N.A bought a new stake in shares of Otis Worldwide during the fourth quarter worth about $27,000. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Otis Worldwide during the fourth quarter worth about $28,000. LifeSteps Financial Inc. bought a new stake in shares of Otis Worldwide during the first quarter worth about $31,000. Pacific Capital Wealth Advisors Inc. bought a new stake in shares of Otis Worldwide during the fourth quarter worth about $35,000. Finally, Accent Capital Management LLC bought a new stake in shares of Otis Worldwide during the fourth quarter worth about $36,000. Institutional investors own 88.03% of the company’s stock.

Insider Transactions at Otis Worldwide

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

Wall Street Analyst Weigh In

OTIS has been the topic of several research reports. Melius initiated coverage on Otis Worldwide in a report on Tuesday, April 2nd. They set a “hold” rating on the stock. Argus upped their target price on Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a report on Monday, May 13th. Barclays upped their target price on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a report on Tuesday, April 2nd. JPMorgan Chase & Co. upped their target price on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, April 25th. Finally, Wells Fargo & Company reduced their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $98.83.

Otis Worldwide Stock Up 1.7 %

OTIS traded up $1.59 during trading on Thursday, hitting $93.02. The company’s stock had a trading volume of 4,281,245 shares, compared to its average volume of 2,101,373. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $100.84. The stock’s fifty day moving average price is $97.26 and its 200-day moving average price is $94.98. The firm has a market capitalization of $37.61 billion, a P/E ratio of 26.88 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.03. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.74 billion. During the same period in the previous year, the firm earned $0.92 earnings per share. The company’s revenue was down 3.2% compared to the same quarter last year. Equities research analysts expect that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company 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. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.68%. Otis Worldwide’s payout ratio is 45.09%.

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.