Silvercrest Asset Management Group LLC Boosts Stake in Otis Worldwide Co. (NYSE:OTIS)

Silvercrest Asset Management Group LLC increased its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 2.2% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 25,076 shares of the company’s stock after acquiring an additional 537 shares during the period. Silvercrest Asset Management Group LLC’s holdings in Otis Worldwide were worth $2,489,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Cetera Trust Company N.A acquired a new stake in shares of Otis Worldwide in the fourth quarter valued at about $27,000. Turtle Creek Wealth Advisors LLC acquired a new stake in Otis Worldwide in the 4th quarter worth about $28,000. LifeSteps Financial Inc. purchased a new stake in Otis Worldwide during the 1st quarter worth approximately $31,000. Pacific Capital Wealth Advisors Inc. acquired a new position in shares of Otis Worldwide during the fourth quarter valued at approximately $35,000. Finally, Accent Capital Management LLC purchased a new position in shares of Otis Worldwide in the fourth quarter valued at approximately $36,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Trading Up 0.8 %

Otis Worldwide stock opened at $93.82 on Wednesday. The company has a 50-day moving average price of $97.02 and a 200 day moving average price of $95.23. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $100.84. The stock has a market cap of $37.58 billion, a P/E ratio of 27.12 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last announced its quarterly 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. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.74 billion. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. During the same quarter last year, the firm earned $0.92 EPS. The business’s revenue was down 3.2% compared to the same quarter last year. As a group, analysts forecast that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 6th. Shareholders of record on Friday, August 16th will be given a $0.39 dividend. The ex-dividend date of this dividend is Friday, August 16th. This represents a $1.56 dividend on an annualized basis and a yield of 1.66%. Otis Worldwide’s dividend payout ratio is currently 45.09%.

Wall Street Analysts Forecast Growth

OTIS has been the subject of several research reports. Wells Fargo & Company dropped their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, July 25th. JPMorgan Chase & Co. increased their target price on shares of Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, April 25th. Melius started coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating on the stock. Barclays increased their price objective on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a report on Tuesday, April 2nd. Finally, Argus boosted their target price on Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $98.83.

Insider Activity

In related news, EVP Peiming Zheng sold 30,364 shares of the firm’s stock in a transaction dated 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 completion of 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.23% of the company’s stock.

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.