E Fund Management Co. Ltd. bought a new stake in Otis Worldwide Co. (NYSE:OTIS) during the 1st quarter, HoldingsChannel reports. The firm bought 716 shares of the company’s stock, valued at approximately $49,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in OTIS. Berman Capital Advisors LLC grew its position in shares of Otis Worldwide by 67.2% in the fourth quarter. Berman Capital Advisors LLC now owns 403 shares of the company’s stock valued at $26,000 after purchasing an additional 162 shares during the period. Safeguard Investment Advisory Group LLC acquired a new stake in shares of Otis Worldwide in the fourth quarter valued at about $26,000. Baron Silver Stevens Financial Advisors LLC acquired a new stake in shares of Otis Worldwide in the fourth quarter valued at about $27,000. Ironwood Wealth Management LLC. grew its position in shares of Otis Worldwide by 1,280.0% in the fourth quarter. Ironwood Wealth Management LLC. now owns 414 shares of the company’s stock valued at $28,000 after purchasing an additional 384 shares during the period. Finally, Concord Wealth Partners acquired a new stake in shares of Otis Worldwide in the fourth quarter valued at about $29,000. Institutional investors and hedge funds own 85.23% of the company’s stock.
Several research firms have recently weighed in on OTIS. HSBC raised shares of Otis Worldwide from a “reduce” rating to a “hold” rating and set a $65.00 price target on the stock in a research note on Monday, March 29th. Barclays raised their price target on shares of Otis Worldwide from $66.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 27th. Credit Suisse Group raised their price target on shares of Otis Worldwide from $72.00 to $77.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 27th. Cowen raised their price target on shares of Otis Worldwide from $75.00 to $77.00 in a research note on Wednesday, March 3rd. Finally, Berenberg Bank started coverage on shares of Otis Worldwide in a research note on Tuesday, March 16th. They issued a “buy” rating and a $85.00 price target on the stock. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Otis Worldwide has an average rating of “Buy” and a consensus target price of $76.25.
Shares of OTIS stock opened at $80.42 on Friday. The stock’s 50-day moving average price is $75.85. Otis Worldwide Co. has a 12 month low of $53.83 and a 12 month high of $81.56. The stock has a market capitalization of $34.51 billion and a P/E ratio of 33.23.
Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Sunday, April 25th. The company reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.09. The business had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.16 billion. Otis Worldwide had a net margin of 7.95% and a negative return on equity of 33.25%. Otis Worldwide’s revenue for the quarter was up 14.9% compared to the same quarter last year. As a group, analysts anticipate that Otis Worldwide Co. will post 2.86 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, June 10th. Stockholders of record on Friday, May 21st were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.19%. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.20. The ex-dividend date was Thursday, May 20th. Otis Worldwide’s payout ratio is 38.10%.
Otis Worldwide Company Profile
Otis Worldwide Corporation manufactures, installs, and services elevators and escalators in the United States, China, and internationally. The company operates through 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.
Further Reading: What is FinTech?
Want to see what other hedge funds are holding OTIS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Otis Worldwide Co. (NYSE:OTIS).
Receive News & Ratings for Otis Worldwide Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Otis Worldwide and related companies with MarketBeat.com's FREE daily email newsletter.