Mission Wealth Management LP Reduces Stock Position in Otis Worldwide Corporation (NYSE:OTIS)

Mission Wealth Management LP lessened its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 12.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,585 shares of the company’s stock after selling 370 shares during the quarter. Mission Wealth Management LP’s holdings in Otis Worldwide were worth $267,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. JPMorgan Chase & Co. boosted its position in shares of Otis Worldwide by 26.5% in the 4th quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company’s stock valued at $3,289,868,000 after purchasing an additional 7,447,860 shares during the period. Norges Bank purchased a new position in Otis Worldwide during the 4th quarter worth approximately $649,883,000. GAMMA Investing LLC grew its stake in Otis Worldwide by 12,162.8% during the 1st quarter. GAMMA Investing LLC now owns 820,750 shares of the company’s stock worth $84,701,000 after buying an additional 814,057 shares during the last quarter. BNP Paribas Financial Markets purchased a new position in Otis Worldwide during the 4th quarter worth approximately $66,962,000. Finally, Northern Trust Corp grew its stake in Otis Worldwide by 12.3% during the 4th quarter. Northern Trust Corp now owns 4,577,626 shares of the company’s stock worth $423,934,000 after buying an additional 501,016 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Up 0.3%

Otis Worldwide stock opened at $95.64 on Thursday. Otis Worldwide Corporation has a twelve month low of $89.70 and a twelve month high of $106.83. The stock has a 50 day moving average of $96.36 and a two-hundred day moving average of $96.90. The stock has a market capitalization of $37.75 billion, a price-to-earnings ratio of 25.10 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share 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 company had revenue of $3.35 billion during the quarter, compared to analysts’ expectations of $3.41 billion. During the same period last year, the firm earned $0.88 EPS. The firm’s revenue for the quarter was down 2.5% on a year-over-year basis. Equities analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 16th were given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a 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 (DPR) is presently 44.09%.

Analysts Set New Price Targets

OTIS has been the topic of a number of research reports. Royal Bank Of Canada dropped their price target on Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a research note on Monday, April 28th. Barclays dropped their price target on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a research note on Friday, April 25th. JPMorgan Chase & Co. raised their price target on Otis Worldwide from $88.00 to $101.00 and gave the stock a “neutral” rating in a research note on Friday, May 16th. Finally, Wells Fargo & Company dropped their price target 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. Two 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 company’s stock. Based on data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and an average target price of $100.71.

Otis Worldwide 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.