Hartline Investment Corp Makes New Investment in Otis Worldwide Co. (NYSE:OTIS)

Hartline Investment Corp bought a new position in shares of Otis Worldwide Co. (NYSE:OTIS) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 2,252 shares of the company’s stock, valued at approximately $224,000.

A number of other large investors also recently modified their holdings of OTIS. Vanguard Group Inc. raised its stake in shares of Otis Worldwide by 14.8% in the fourth quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock valued at $4,095,342,000 after purchasing an additional 5,913,933 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Otis Worldwide by 47.9% during the third quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock worth $605,571,000 after acquiring an additional 2,442,203 shares in the last quarter. Norges Bank acquired a new position in Otis Worldwide during the fourth quarter worth $628,855,000. PineStone Asset Management Inc. raised its stake in Otis Worldwide by 17.4% during the fourth quarter. PineStone Asset Management Inc. now owns 3,338,785 shares of the company’s stock worth $298,721,000 after acquiring an additional 494,460 shares in the last quarter. Finally, Sarasin & Partners LLP raised its stake in Otis Worldwide by 11.2% during the first quarter. Sarasin & Partners LLP now owns 3,251,612 shares of the company’s stock worth $322,788,000 after acquiring an additional 328,539 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Melius began coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They set a “hold” rating for the company. Wells Fargo & Company cut their target price on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 25th. Barclays raised their price target on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 2nd. JPMorgan Chase & Co. lifted their target price on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, April 25th. Finally, Argus lifted their target price on Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $99.33.

Otis Worldwide Stock Performance

NYSE OTIS traded up $0.37 on Friday, hitting $96.88. 1,639,969 shares of the stock traded hands, compared to its average volume of 2,047,338. The business’s fifty day moving average is $96.27 and its two-hundred day moving average is $94.07. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.84. The firm has a market capitalization of $39.17 billion, a price-to-earnings ratio of 27.89 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.01. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. The firm had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.44 billion. Analysts expect that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 17th were issued a $0.39 dividend. The ex-dividend date of this dividend was Thursday, May 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.61%. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s payout ratio is currently 45.09%.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of Otis Worldwide stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the sale, the executive vice president now directly owns 15,570 shares of the company’s stock, valued at approximately $1,458,753.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.23% of the company’s stock.

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.