Crewe Advisors LLC Buys Shares of 1,319 Otis Worldwide Co. (NYSE:OTIS)

Crewe Advisors LLC acquired a new stake in shares of Otis Worldwide Co. (NYSE:OTIS) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 1,319 shares of the company’s stock, valued at approximately $131,000.

Several other large investors also recently made changes to their positions in OTIS. Dynamic Advisor Solutions LLC boosted its position in shares of Otis Worldwide by 7.5% during the 4th quarter. Dynamic Advisor Solutions LLC now owns 3,654 shares of the company’s stock valued at $320,000 after purchasing an additional 254 shares in the last quarter. Premier Path Wealth Partners LLC bought a new position in shares of Otis Worldwide during the 4th quarter valued at about $238,000. Compagnie Lombard Odier SCmA boosted its position in shares of Otis Worldwide by 294.9% during the 4th quarter. Compagnie Lombard Odier SCmA now owns 5,529 shares of the company’s stock valued at $495,000 after purchasing an additional 4,129 shares in the last quarter. CVA Family Office LLC acquired a new position in shares of Otis Worldwide in the fourth quarter worth about $82,000. Finally, Pacer Advisors Inc. boosted its holdings in shares of Otis Worldwide by 119.0% in the fourth quarter. Pacer Advisors Inc. now owns 72,361 shares of the company’s stock worth $6,474,000 after buying an additional 39,318 shares during the period. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

OTIS stock traded up $1.59 on Thursday, reaching $93.02. 4,281,245 shares of the company were exchanged, compared to its average volume of 2,101,373. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.84. The stock’s fifty day moving average price is $97.26 and its 200 day moving average price is $94.98. The firm has a market capitalization of $37.61 billion, a PE ratio of 26.88 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.03 by $0.03. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.74 billion. During the same quarter in the previous year, the firm posted $0.92 earnings per share. Otis Worldwide’s revenue was down 3.2% compared to the same quarter last year. As a group, research analysts expect that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 6th. Shareholders of record on Friday, August 16th will be paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.68%. Otis Worldwide’s dividend payout ratio is currently 45.09%.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of Otis Worldwide stock in a transaction on Tuesday, May 7th. The shares were 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 owns 15,570 shares in the company, valued at $1,458,753.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Argus raised their target price on shares of Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Barclays raised their price target on shares of Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 2nd. JPMorgan Chase & Co. raised their price target on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, April 25th. Melius initiated coverage on shares of Otis Worldwide in a report on Tuesday, April 2nd. They set a “hold” rating for the company. Finally, Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Otis Worldwide has a consensus rating of “Hold” and a consensus target price of $98.83.

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.