Waldron Private Wealth LLC Boosts Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Waldron Private Wealth LLC lifted its position in Otis Worldwide Co. (NYSE:OTIS) by 8.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,612 shares of the company’s stock after purchasing an additional 349 shares during the quarter. Waldron Private Wealth LLC’s holdings in Otis Worldwide were worth $479,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Eastern Bank bought a new stake in shares of Otis Worldwide in the 3rd quarter valued at about $779,000. Sequoia Financial Advisors LLC lifted its stake in shares of Otis Worldwide by 21.0% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 11,426 shares of the company’s stock valued at $1,188,000 after acquiring an additional 1,981 shares during the last quarter. Home Federal Bank of Tennessee lifted its stake in shares of Otis Worldwide by 4.5% in the 3rd quarter. Home Federal Bank of Tennessee now owns 9,331 shares of the company’s stock valued at $970,000 after acquiring an additional 400 shares during the last quarter. Carolina Wealth Advisors LLC bought a new stake in shares of Otis Worldwide in the 3rd quarter valued at about $53,000. Finally, Northwest Investment Counselors LLC bought a new position in Otis Worldwide during the 3rd quarter valued at approximately $28,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Down 2.4 %

Otis Worldwide stock opened at $102.96 on Wednesday. The company has a market capitalization of $41.24 billion, a P/E ratio of 28.76 and a beta of 1.03. The stock’s 50 day moving average is $97.69 and its 200 day moving average is $96.67. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $106.33.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $3.74 billion. During the same quarter in the prior year, the business posted $0.92 EPS. The firm’s quarterly revenue was down 3.2% compared to the same quarter last year. As a group, equities analysts expect that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were paid a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $1.56 annualized dividend and a yield of 1.52%. Otis Worldwide’s dividend payout ratio is 43.58%.

Wall Street Analyst Weigh In

A number of research analysts have commented on OTIS shares. Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Wells Fargo & Company upped their price target on Otis Worldwide from $95.00 to $108.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a research report on Thursday, September 19th. Barclays upped their price target on Otis Worldwide from $90.00 to $96.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Finally, Morgan Stanley assumed coverage on Otis Worldwide in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price for the company. Eight analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $102.71.

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.