Bennett Selby Investments LP Buys Shares of 2,171 Otis Worldwide Co. (NYSE:OTIS)

Bennett Selby Investments LP bought a new stake in Otis Worldwide Co. (NYSE:OTIS) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,171 shares of the company’s stock, valued at approximately $224,000.

Several other large investors also recently added to or reduced their stakes in OTIS. Miracle Mile Advisors LLC acquired a new position in shares of Otis Worldwide in the 1st quarter valued at $281,000. Wedmont Private Capital lifted its stake in shares of Otis Worldwide by 18.8% in the 1st quarter. Wedmont Private Capital now owns 7,606 shares of the company’s stock valued at $738,000 after purchasing an additional 1,206 shares during the last quarter. Gateway Investment Advisers LLC lifted its stake in shares of Otis Worldwide by 0.4% in the 1st quarter. Gateway Investment Advisers LLC now owns 50,672 shares of the company’s stock valued at $5,229,000 after purchasing an additional 221 shares during the last quarter. Procyon Advisors LLC lifted its stake in Otis Worldwide by 293.4% during the 1st quarter. Procyon Advisors LLC now owns 8,528 shares of the company’s stock worth $880,000 after acquiring an additional 6,360 shares in the last quarter. Finally, Curat Global LLC acquired a new position in Otis Worldwide during the 1st quarter worth about $61,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Royal Bank of Canada decreased their target price on Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a research note on Monday, April 28th. Wells Fargo & Company decreased their target price on Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 24th. Barclays decreased their target price on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a research note on Friday, April 25th. Finally, JPMorgan Chase & Co. increased their price target on Otis Worldwide from $88.00 to $101.00 and gave the company a “neutral” rating in a research report on Friday, May 16th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $100.71.

Otis Worldwide Stock Performance

OTIS opened at $96.04 on Friday. Otis Worldwide Co. has a one year low of $89.70 and a one year high of $106.83. The company has a market cap of $37.90 billion, a P/E ratio of 23.66 and a beta of 1.01. The business’s 50-day simple moving average is $96.35 and its 200-day simple moving average is $97.21.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.91 by $0.01. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. The business had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.41 billion. During the same quarter in the prior year, the business posted $0.88 EPS. The business’s revenue for the quarter was down 2.5% on a year-over-year basis. As a group, analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 16th were issued a $0.42 dividend. The ex-dividend date was Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.75%. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.39. Otis Worldwide’s dividend payout ratio is presently 44.09%.

Insider Buying and Selling

In related news, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the sale, the insider now owns 63,931 shares in the company, valued at $6,731,934.30. This represents a 9.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.23% of the stock is currently owned by company insiders.

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.