Douglas Lane & Associates LLC Raises Holdings in Otis Worldwide Co. (NYSE:OTIS)

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

Several other large investors have also made changes to their positions in OTIS. Cetera Trust Company N.A purchased a new stake in shares of Otis Worldwide during the fourth quarter worth about $27,000. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Otis Worldwide during the fourth quarter worth about $28,000. LifeSteps Financial Inc. purchased a new stake in shares of Otis Worldwide during the first quarter worth about $31,000. Pacific Capital Wealth Advisors Inc. purchased a new stake in shares of Otis Worldwide during the fourth quarter worth about $35,000. Finally, Accent Capital Management LLC purchased a new stake in shares of Otis Worldwide during the fourth quarter worth about $36,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Stock Down 0.1 %

OTIS stock traded down $0.05 during midday trading on Tuesday, reaching $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 50 day moving average price of $96.70 and a 200 day moving average price of $95.49. 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 market capitalization of $37.75 billion, a PE ratio of 26.99 and a beta of 1.03.

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

Otis Worldwide Announces Dividend

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

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Wells Fargo & Company dropped their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 25th. JPMorgan Chase & Co. lifted their price target on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, April 25th. Finally, Argus lifted their price target on Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Six 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, Otis Worldwide has a consensus rating of “Hold” and an average target price of $98.83.

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.