Otis Worldwide Co. (NYSE:OTIS) Stock Position Increased by Merit Financial Group LLC

Merit Financial Group LLC boosted its position in Otis Worldwide Co. (NYSE:OTIS) by 3.9% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 10,187 shares of the company’s stock after purchasing an additional 378 shares during the quarter. Merit Financial Group LLC’s holdings in Otis Worldwide were worth $911,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of OTIS. Cetera Trust Company N.A bought a new stake in shares of Otis Worldwide in the 4th quarter worth approximately $27,000. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Otis Worldwide in the fourth quarter worth approximately $28,000. Orion Capital Management LLC purchased a new position in shares of Otis Worldwide in the third quarter worth approximately $30,000. NBC Securities Inc. purchased a new position in shares of Otis Worldwide in the third quarter worth approximately $33,000. Finally, CNB Bank increased its position in shares of Otis Worldwide by 81.0% in the third quarter. CNB Bank now owns 429 shares of the company’s stock worth $34,000 after acquiring an additional 192 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the sale, the insider now owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the sale, the chief executive officer now owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the completion of the transaction, the insider now directly owns 67,274 shares in the company, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. 0.23% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts have recently weighed in on OTIS shares. Melius assumed coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They issued a “hold” rating on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $100.00 target price on shares of Otis Worldwide in a research report on Monday, February 5th. Argus raised shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 target price for the company in a research report on Thursday, February 22nd. JPMorgan Chase & Co. boosted their target price on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, April 25th. Finally, UBS Group boosted their target price on shares of Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, February 16th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $96.86.

Otis Worldwide Price Performance

NYSE:OTIS opened at $92.12 on Monday. The stock has a market cap of $37.25 billion, a P/E ratio of 26.62 and a beta of 1.03. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $100.35. The company has a fifty day moving average price of $96.44 and a 200 day moving average price of $89.89.

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

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be issued a $0.39 dividend. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.69%. Otis Worldwide’s dividend payout ratio is presently 39.31%.

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.