Tidal Investments LLC Boosts Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Tidal Investments LLC boosted its holdings in Otis Worldwide Co. (NYSE:OTIS) by 49.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 25,252 shares of the company’s stock after buying an additional 8,356 shares during the quarter. Tidal Investments LLC’s holdings in Otis Worldwide were worth $2,509,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. California State Teachers Retirement System increased its holdings in Otis Worldwide by 0.7% in the first quarter. California State Teachers Retirement System now owns 651,523 shares of the company’s stock valued at $64,677,000 after buying an additional 4,472 shares during the last quarter. B. Riley Wealth Advisors Inc. grew its holdings in shares of Otis Worldwide by 15.3% during the first quarter. B. Riley Wealth Advisors Inc. now owns 8,045 shares of the company’s stock worth $799,000 after purchasing an additional 1,068 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in shares of Otis Worldwide by 6.5% during the first quarter. Jacobs Levy Equity Management Inc. now owns 1,708,294 shares of the company’s stock worth $169,582,000 after purchasing an additional 104,730 shares during the last quarter. Janus Henderson Group PLC grew its holdings in shares of Otis Worldwide by 4.2% during the first quarter. Janus Henderson Group PLC now owns 89,135 shares of the company’s stock worth $8,848,000 after purchasing an additional 3,590 shares during the last quarter. Finally, Silvercrest Asset Management Group LLC grew its holdings in shares of Otis Worldwide by 2.2% during the first quarter. Silvercrest Asset Management Group LLC now owns 25,076 shares of the company’s stock worth $2,489,000 after purchasing an additional 537 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Activity at Otis Worldwide

In related news, EVP Peiming Zheng sold 30,364 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total value of $2,844,803.16. Following the completion of the sale, the executive vice president now owns 15,570 shares in the company, valued at $1,458,753.30. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.23% of the stock is owned by insiders.

Otis Worldwide Trading Down 1.1 %

Shares of NYSE OTIS traded down $1.07 during midday trading on Thursday, reaching $93.43. 543,462 shares of the company were exchanged, compared to its average volume of 2,088,149. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.84. The stock has a fifty day simple moving average of $96.94 and a 200 day simple moving average of $95.23. The stock has a market cap of $37.42 billion, a P/E ratio of 27.29 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03. The firm 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%. The firm’s revenue was down 3.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.92 earnings per share. As a group, analysts forecast that Otis Worldwide Co. will post 3.87 earnings per share for the current year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 6th. Investors 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 1.67%. Otis Worldwide’s payout ratio is currently 45.09%.

Analysts Set New Price Targets

OTIS has been the topic of several research reports. JPMorgan Chase & Co. raised their price objective on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, April 25th. Argus raised their price objective on Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Finally, Wells Fargo & Company dropped their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, July 25th. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $98.83.

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.