CX Institutional Has $456,000 Stake in Otis Worldwide Co. (NYSE:OTIS)

CX Institutional raised its stake in Otis Worldwide Co. (NYSE:OTIS) by 15.0% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 4,422 shares of the company’s stock after buying an additional 576 shares during the period. CX Institutional’s holdings in Otis Worldwide were worth $456,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. lifted its stake in Otis Worldwide by 362.4% in the first quarter. Assenagon Asset Management S.A. now owns 438,896 shares of the company’s stock valued at $45,294,000 after buying an additional 343,987 shares during the period. Integrated Advisors Network LLC acquired a new position in Otis Worldwide in the first quarter valued at about $213,000. SG Americas Securities LLC acquired a new position in Otis Worldwide in the first quarter valued at about $2,533,000. GAMMA Investing LLC lifted its stake in Otis Worldwide by 18.8% in the first quarter. GAMMA Investing LLC now owns 7,953 shares of the company’s stock valued at $821,000 after buying an additional 1,260 shares during the period. Finally, Farther Finance Advisors LLC lifted its stake in Otis Worldwide by 106.3% in the first quarter. Farther Finance Advisors LLC now owns 2,845 shares of the company’s stock valued at $296,000 after buying an additional 1,466 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $95.72 on Friday. The company has a market cap of $37.78 billion, a PE ratio of 23.58 and a beta of 0.98. Otis Worldwide Co. has a 52-week low of $89.70 and a 52-week high of $106.83. The stock has a 50-day simple moving average of $96.20 and a 200 day simple moving average of $97.04.

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

Otis Worldwide Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 16th were issued a dividend of $0.42 per share. The ex-dividend date of this dividend was Friday, May 16th. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.39. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.76%. Otis Worldwide’s dividend payout ratio (DPR) is presently 44.09%.

Analysts Set New Price Targets

Several equities analysts have weighed in on OTIS shares. Royal Bank of Canada cut 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. JPMorgan Chase & Co. raised their price target on Otis Worldwide from $88.00 to $101.00 and gave the stock a “neutral” rating in a research report on Friday, May 16th. Barclays dropped their price target on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a research report on Friday, April 25th. Finally, Wells Fargo & Company dropped their price target on Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 24th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $100.71.

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.