Dash Acquisitions Inc. Grows Position in Otis Worldwide Co. (NYSE:OTIS)

Dash Acquisitions Inc. boosted its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 3.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 11,230 shares of the company’s stock after purchasing an additional 323 shares during the period. Otis Worldwide makes up about 0.3% of Dash Acquisitions Inc.’s portfolio, making the stock its 29th biggest position. Dash Acquisitions Inc.’s holdings in Otis Worldwide were worth $1,066,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of OTIS. Cetera Trust Company N.A purchased a new stake in shares of Otis Worldwide in the 4th quarter valued at $27,000. Turtle Creek Wealth Advisors LLC purchased a new stake in Otis Worldwide during the fourth quarter worth $28,000. Orion Capital Management LLC purchased a new stake in Otis Worldwide during the third quarter worth $30,000. Pacific Capital Wealth Advisors Inc. purchased a new stake in Otis Worldwide during the fourth quarter worth $35,000. Finally, Accent Capital Management LLC purchased a new stake in Otis Worldwide during the fourth quarter worth $36,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of OTIS traded up $1.00 during mid-day trading on Tuesday, reaching $95.95. The stock had a trading volume of 1,777,286 shares, compared to its average volume of 2,056,236. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $100.84. The business’s fifty day moving average is $96.17 and its 200 day moving average is $94.00. The firm has a market cap of $38.79 billion, a price-to-earnings ratio of 27.44 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.01. The firm had revenue of $3.44 billion during 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, sell-side analysts anticipate that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 17th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.63%. The ex-dividend date was Thursday, May 16th. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s dividend payout ratio (DPR) is 45.09%.

Insiders Place Their Bets

In other news, EVP Peiming Zheng sold 30,364 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total value of $2,844,803.16. Following the completion of the transaction, the executive vice president now owns 15,570 shares of the company’s stock, valued at $1,458,753.30. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.23% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

OTIS has been the subject of a number of research analyst reports. Barclays upped their price objective on shares of Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 2nd. Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a research report on Thursday, April 25th. JPMorgan Chase & Co. increased their target price on shares of Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, April 25th. Melius initiated coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They issued a “hold” rating for the company. Finally, Argus increased their target price on shares of Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and a consensus price target of $99.33.

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.