Axxcess Wealth Management LLC Takes $371,000 Position in Otis Worldwide Co. (NYSE:OTIS)

Axxcess Wealth Management LLC bought a new stake in shares of Otis Worldwide Co. (NYSE:OTIS) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 4,142 shares of the company’s stock, valued at approximately $371,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in OTIS. Meiji Yasuda Asset Management Co Ltd. grew its holdings in shares of Otis Worldwide by 54.5% during the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 6,772 shares of the company’s stock worth $544,000 after acquiring an additional 2,390 shares during the period. Stevens Capital Management LP grew its stake in Otis Worldwide by 142.1% in the fourth quarter. Stevens Capital Management LP now owns 7,555 shares of the company’s stock worth $676,000 after purchasing an additional 4,435 shares during the period. International Assets Investment Management LLC raised its holdings in Otis Worldwide by 13,638.0% in the fourth quarter. International Assets Investment Management LLC now owns 151,667 shares of the company’s stock worth $13,570,000 after purchasing an additional 150,563 shares in the last quarter. SG Americas Securities LLC lifted its position in Otis Worldwide by 176.4% during the fourth quarter. SG Americas Securities LLC now owns 115,993 shares of the company’s stock valued at $10,378,000 after buying an additional 74,030 shares during the period. Finally, Smith Salley & Associates purchased a new position in Otis Worldwide during the fourth quarter valued at $1,113,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Up 0.7 %

Otis Worldwide stock opened at $94.53 on Thursday. The firm has a market cap of $38.22 billion, a price-to-earnings ratio of 27.32 and a beta of 1.03. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.35. The stock has a fifty day simple moving average of $96.43 and a two-hundred day simple moving average of $90.11.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, topping the consensus estimate of $0.87 by $0.01. The company had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.44 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. On average, equities research analysts forecast 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 will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be given a dividend of $0.39 per share. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $1.56 dividend on an annualized basis and a yield of 1.65%. Otis Worldwide’s dividend payout ratio is 39.31%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on OTIS shares. Barclays increased their price target on shares of Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 2nd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $100.00 target price on shares of Otis Worldwide in a research note on Monday, February 5th. UBS Group boosted their price target on Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, February 16th. Wells Fargo & Company cut their price target 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. Finally, Melius assumed coverage on Otis Worldwide in a report on Tuesday, April 2nd. They issued a “hold” rating on the stock. 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, Otis Worldwide currently has an average rating of “Hold” and an average target price of $96.86.

Insiders Place Their Bets

In other news, EVP Peiming Zheng sold 30,364 shares of the stock in a transaction 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 transaction, 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 Securities & Exchange Commission, which is available through this link. In related news, insider Montlivault Stephane De sold 18,393 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the completion of the sale, the insider now directly owns 67,274 shares in the company, valued at $6,128,661.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Peiming Zheng sold 30,364 shares of the 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 completion of the transaction, the executive vice president now owns 15,570 shares in the company, valued at $1,458,753.30. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by insiders.

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.