Otis Worldwide Co. (NYSE:OTIS) Shares Bought by First Horizon Advisors Inc.

First Horizon Advisors Inc. lifted its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 19.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,140 shares of the company’s stock after purchasing an additional 671 shares during the period. First Horizon Advisors Inc.’s holdings in Otis Worldwide were worth $399,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Cambridge Investment Research Advisors Inc. lifted its stake in Otis Worldwide by 0.3% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 32,048 shares of the company’s stock valued at $3,181,000 after buying an additional 110 shares during the last quarter. Hancock Whitney Corp raised its position in Otis Worldwide by 4.6% in the 1st quarter. Hancock Whitney Corp now owns 2,549 shares of the company’s stock valued at $253,000 after purchasing an additional 111 shares during the last quarter. Tritonpoint Wealth LLC raised its position in Otis Worldwide by 4.1% in the 1st quarter. Tritonpoint Wealth LLC now owns 2,869 shares of the company’s stock valued at $285,000 after purchasing an additional 113 shares during the last quarter. Bleakley Financial Group LLC grew its position in Otis Worldwide by 1.2% during the 1st quarter. Bleakley Financial Group LLC now owns 9,726 shares of the company’s stock worth $965,000 after purchasing an additional 117 shares during the last quarter. Finally, Private Trust Co. NA increased its stake in Otis Worldwide by 0.9% in the first quarter. Private Trust Co. NA now owns 12,931 shares of the company’s stock valued at $1,284,000 after purchasing an additional 118 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Stock Performance

Otis Worldwide stock traded down $0.56 during midday trading on Tuesday, reaching $92.10. The company’s stock had a trading volume of 215,450 shares, compared to its average volume of 2,106,354. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $100.84. The firm has a market capitalization of $36.89 billion, a PE ratio of 26.78 and a beta of 1.03. The stock’s 50 day simple moving average is $95.66 and its 200 day simple moving average is $95.73.

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

Otis Worldwide Announces Dividend

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

Analyst Ratings Changes

OTIS has been the topic of several recent research reports. Argus boosted their price target on Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Wells Fargo & Company decreased their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, July 25th. Finally, JPMorgan Chase & Co. upped their price objective 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. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $98.83.

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.