Spirepoint Private Client LLC Takes Position in Otis Worldwide Corporation (NYSE:OTIS)

Spirepoint Private Client LLC acquired a new position in shares of Otis Worldwide Corporation (NYSE:OTIS) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 37,504 shares of the company’s stock, valued at approximately $3,870,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Venturi Wealth Management LLC increased its stake in Otis Worldwide by 223.0% in the 4th quarter. Venturi Wealth Management LLC now owns 927 shares of the company’s stock valued at $86,000 after purchasing an additional 640 shares in the last quarter. Private Advisor Group LLC increased its position in shares of Otis Worldwide by 2.8% in the fourth quarter. Private Advisor Group LLC now owns 21,404 shares of the company’s stock valued at $1,982,000 after buying an additional 591 shares in the last quarter. Wealthspire Advisors LLC raised its stake in shares of Otis Worldwide by 8.4% during the 4th quarter. Wealthspire Advisors LLC now owns 2,465 shares of the company’s stock worth $228,000 after buying an additional 190 shares during the last quarter. Howard Capital Management Inc. grew its stake in Otis Worldwide by 5.3% in the 4th quarter. Howard Capital Management Inc. now owns 2,741 shares of the company’s stock valued at $254,000 after acquiring an additional 139 shares during the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund increased its holdings in Otis Worldwide by 4.9% during the 4th quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 66,824 shares of the company’s stock valued at $6,189,000 after acquiring an additional 3,100 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Otis Worldwide Stock Up 2.1%

Shares of Otis Worldwide stock opened at $96.04 on Tuesday. The firm has a market cap of $37.91 billion, a PE ratio of 25.21 and a beta of 0.98. Otis Worldwide Corporation has a fifty-two week low of $89.70 and a fifty-two week high of $106.83. The business’s fifty day moving average is $96.28 and its two-hundred day moving average is $96.73.

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

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 16th were paid a dividend of $0.42 per share. The ex-dividend date was Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a yield of 1.75%. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.39. Otis Worldwide’s dividend payout ratio (DPR) is currently 44.09%.

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.