Chicago Capital LLC Raises Stake in Otis Worldwide Corporation (NYSE:OTIS)

Chicago Capital LLC lifted its position in Otis Worldwide Corporation (NYSE:OTIS) by 87.2% in the first quarter, HoldingsChannel.com reports. The firm owned 13,861 shares of the company’s stock after purchasing an additional 6,455 shares during the quarter. Chicago Capital LLC’s holdings in Otis Worldwide were worth $1,430,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Simon Quick Advisors LLC bought a new position in Otis Worldwide in the 1st quarter worth $443,000. SG Americas Securities LLC purchased a new position in shares of Otis Worldwide in the first quarter valued at about $2,533,000. Quintet Private Bank Europe S.A. boosted its stake in shares of Otis Worldwide by 3.4% in the first quarter. Quintet Private Bank Europe S.A. now owns 289,936 shares of the company’s stock worth $29,921,000 after acquiring an additional 9,467 shares during the period. Assenagon Asset Management S.A. grew its position in shares of Otis Worldwide by 362.4% during the first quarter. Assenagon Asset Management S.A. now owns 438,896 shares of the company’s stock worth $45,294,000 after purchasing an additional 343,987 shares in the last quarter. Finally, SVB Wealth LLC purchased a new stake in shares of Otis Worldwide during the fourth quarter worth about $337,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

Shares of OTIS opened at $95.36 on Wednesday. The stock has a market capitalization of $37.64 billion, a price-to-earnings ratio of 25.03 and a beta of 0.98. Otis Worldwide Corporation has a 1 year low of $89.70 and a 1 year high of $106.83. The business’s 50 day simple moving average is $96.34 and its 200-day simple moving average is $96.91.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.91 by $0.01. Otis Worldwide had a net margin of 10.83% and a negative return on equity of 31.72%. The company had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.41 billion. During the same quarter in the prior year, the firm earned $0.88 earnings per share. Otis Worldwide’s revenue was down 2.5% on a year-over-year basis. On average, sell-side analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 16th were given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.76%. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.39. The ex-dividend date was Friday, May 16th. Otis Worldwide’s dividend payout ratio is currently 44.09%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on OTIS shares. Wells Fargo & Company lowered their price target on Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, April 24th. JPMorgan Chase & Co. lifted their price objective on shares of Otis Worldwide from $88.00 to $101.00 and gave the company a “neutral” rating in a research report on Friday, May 16th. Barclays dropped their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a research report on Friday, April 25th. Finally, Royal Bank Of Canada reduced their price target on shares of Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a report on Monday, April 28th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and an average price target of $100.71.

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.