CVA Family Office LLC Acquires 379 Shares of Otis Worldwide Co. (NYSE:OTIS)

CVA Family Office LLC increased its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 40.9% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,306 shares of the company’s stock after acquiring an additional 379 shares during the period. CVA Family Office LLC’s holdings in Otis Worldwide were worth $126,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Cetera Trust Company N.A bought a new stake in shares of Otis Worldwide in the 4th quarter worth about $27,000. Turtle Creek Wealth Advisors LLC bought a new stake in Otis Worldwide during the fourth quarter worth about $28,000. LifeSteps Financial Inc. bought a new stake in Otis Worldwide during the first quarter worth about $31,000. Pacific Capital Wealth Advisors Inc. bought a new position in shares of Otis Worldwide in the fourth quarter valued at approximately $35,000. Finally, Accent Capital Management LLC acquired a new position in shares of Otis Worldwide in the 4th quarter worth approximately $36,000. Institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on OTIS. Argus raised their price target on Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a report on Monday, May 13th. JPMorgan Chase & Co. lifted their price target on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, April 25th. Finally, Wells Fargo & Company decreased their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, July 25th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and a consensus target price of $98.83.

Otis Worldwide Trading Down 1.0 %

Otis Worldwide stock traded down $0.92 during mid-day trading on Wednesday, hitting $92.47. The stock had a trading volume of 2,102,521 shares, compared to its average volume of 2,127,214. The stock has a market capitalization of $37.39 billion, a PE ratio of 26.91 and a beta of 1.03. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.84. The stock has a 50-day simple moving average of $96.70 and a two-hundred day simple moving average of $95.49.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.03. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.74 billion. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The company’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.92 EPS. Sell-side analysts expect that Otis Worldwide Co. will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Friday, August 16th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date of this dividend is Friday, August 16th. Otis Worldwide’s dividend payout ratio (DPR) is currently 45.09%.

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.