Team Hewins LLC Makes New Investment in Otis Worldwide Co. (NYSE:OTIS)

Team Hewins LLC bought a new position in shares of Otis Worldwide Co. (NYSE:OTIS) in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 2,219 shares of the company’s stock, valued at approximately $220,000.

A number of other large investors have also recently added to or reduced their stakes in the company. Nordea Investment Management AB grew its holdings in shares of Otis Worldwide by 19.6% in the 1st quarter. Nordea Investment Management AB now owns 463,190 shares of the company’s stock valued at $46,138,000 after acquiring an additional 75,878 shares in the last quarter. Stevens Capital Management LP lifted its stake in Otis Worldwide by 142.1% in the 4th quarter. Stevens Capital Management LP now owns 7,555 shares of the company’s stock valued at $676,000 after purchasing an additional 4,435 shares during the last quarter. International Assets Investment Management LLC lifted its stake in Otis Worldwide by 13,638.0% in the 4th quarter. International Assets Investment Management LLC now owns 151,667 shares of the company’s stock valued at $13,570,000 after purchasing an additional 150,563 shares during the last quarter. Johnson Investment Counsel Inc. lifted its stake in Otis Worldwide by 1.9% in the 4th quarter. Johnson Investment Counsel Inc. now owns 9,329 shares of the company’s stock valued at $835,000 after purchasing an additional 175 shares during the last quarter. Finally, SG Americas Securities LLC lifted its stake in Otis Worldwide by 176.4% in the 4th quarter. SG Americas Securities LLC now owns 115,993 shares of the company’s stock valued at $10,378,000 after purchasing an additional 74,030 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Up 2.4 %

OTIS traded up $2.29 during trading on Thursday, reaching $99.16. 967,217 shares of the stock traded hands, compared to its average volume of 2,042,696. The stock has a market capitalization of $40.09 billion, a PE ratio of 28.43 and a beta of 1.03. The stock’s 50-day moving average is $96.66 and its 200 day moving average is $94.33. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.84.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.87 by $0.01. The company had revenue of $3.44 billion for the quarter, compared to analysts’ expectations 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 firm also recently announced a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 17th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.57%. 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 is currently 45.09%.

Insider Buying and Selling

In related news, EVP Peiming Zheng sold 30,364 shares of the company’s stock in a transaction dated 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 sale, the executive vice president now owns 15,570 shares in the company, valued at approximately $1,458,753.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.23% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on OTIS. Barclays boosted their price objective on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 2nd. Argus boosted their price objective on Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a report on Monday, May 13th. JPMorgan Chase & Co. boosted their price objective on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, April 25th. Melius assumed coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They issued a “hold” rating for the company. Finally, Wells Fargo & Company boosted their price target on Otis Worldwide from $98.00 to $100.00 and gave the company an “equal weight” rating in a research note on Wednesday. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Otis Worldwide presently has an average rating of “Hold” and an average target price of $99.67.

Otis Worldwide Company 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.