Rafferty Asset Management LLC Raises Position in Otis Worldwide Co. (NYSE:OTIS)

Rafferty Asset Management LLC grew its stake in Otis Worldwide Co. (NYSE:OTIS) by 11.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 37,314 shares of the company’s stock after purchasing an additional 3,727 shares during the period. Rafferty Asset Management LLC’s holdings in Otis Worldwide were worth $3,456,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of OTIS. Resonant Capital Advisors LLC boosted its stake in Otis Worldwide by 3.1% during the fourth quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company’s stock worth $320,000 after buying an additional 105 shares during the period. Coldstream Capital Management Inc. boosted its stake in shares of Otis Worldwide by 4.2% during the 4th quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company’s stock worth $249,000 after purchasing an additional 109 shares during the period. Montis Financial LLC grew its holdings in Otis Worldwide by 5.2% during the 4th quarter. Montis Financial LLC now owns 2,216 shares of the company’s stock valued at $205,000 after purchasing an additional 110 shares during the last quarter. AlTi Global Inc. grew its holdings in Otis Worldwide by 4.9% during the 4th quarter. AlTi Global Inc. now owns 2,404 shares of the company’s stock valued at $223,000 after purchasing an additional 113 shares during the last quarter. Finally, Dorsey & Whitney Trust CO LLC raised its position in Otis Worldwide by 1.7% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company’s stock worth $643,000 after purchasing an additional 114 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on OTIS shares. Royal Bank of Canada dropped their target price on Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating for the company in a research report on Monday, April 28th. Barclays dropped their price objective on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a report on Friday, April 25th. Wells Fargo & Company reduced their target price on Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 24th. Finally, JPMorgan Chase & Co. lifted their target price on Otis Worldwide from $88.00 to $101.00 and gave the stock a “neutral” rating in a research report on Friday. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $100.71.

Otis Worldwide Stock Up 1.0%

Shares of NYSE:OTIS opened at $98.85 on Monday. The business’s 50 day moving average is $98.02 and its 200 day moving average is $97.60. The stock has a market cap of $39.01 billion, a P/E ratio of 24.35 and a beta of 1.01. Otis Worldwide Co. has a 52-week low of $89.70 and a 52-week high of $106.83.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.01. The business had revenue of $3.35 billion during the quarter, compared to analysts’ expectations of $3.41 billion. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. The business’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.88 EPS. On average, sell-side analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 16th will be given a dividend of $0.42 per share. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.39. The ex-dividend date is Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a yield of 1.70%. Otis Worldwide’s dividend payout ratio (DPR) is 44.09%.

Insider Activity

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction of $701,298.00. Following the sale, the insider now owns 63,931 shares of the company’s stock, valued at approximately $6,731,934.30. This trade represents a 9.43% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.23% of the company’s stock.

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.