Avantax Planning Partners Inc. Buys Shares of 2,809 Otis Worldwide Co. (NYSE:OTIS)

Avantax Planning Partners Inc. acquired a new stake in shares of Otis Worldwide Co. (NYSE:OTIS) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 2,809 shares of the company’s stock, valued at approximately $251,000.

Other hedge funds have also recently modified their holdings of the company. Cetera Trust Company N.A acquired a new position in shares of Otis Worldwide in the fourth quarter valued at about $27,000. Turtle Creek Wealth Advisors LLC purchased a new position in Otis Worldwide during the 4th quarter worth approximately $28,000. Orion Capital Management LLC acquired a new stake in Otis Worldwide during the 3rd quarter valued at approximately $30,000. NBC Securities Inc. purchased a new stake in shares of Otis Worldwide in the 3rd quarter valued at $33,000. Finally, Pacific Capital Wealth Advisors Inc. acquired a new stake in shares of Otis Worldwide in the fourth quarter worth $35,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of NYSE:OTIS traded up $0.44 during midday trading on Friday, hitting $97.57. The company had a trading volume of 1,345,696 shares, compared to its average volume of 1,904,175. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $100.35. The stock has a market cap of $39.45 billion, a price-to-earnings ratio of 28.20 and a beta of 1.03. The business’s 50-day simple moving average is $96.55 and its 200-day simple moving average is $91.71.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.01. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. The firm had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.44 billion. As a group, sell-side analysts forecast that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.60%. The ex-dividend date of this dividend is Thursday, May 16th. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s payout ratio is presently 45.09%.

Insider Activity

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of Otis Worldwide stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the completion of the sale, the executive vice president now directly owns 15,570 shares in the company, valued at $1,458,753.30. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.23% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on OTIS shares. JPMorgan Chase & Co. raised their target price on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, April 25th. Barclays raised their price objective on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a report on Tuesday, April 2nd. Melius began coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating on the stock. UBS Group raised their price target on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, February 16th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $100.00 price objective on shares of Otis Worldwide in a research note on Monday, February 5th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $97.71.

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.