Axxcess Wealth Management LLC Increases Stake in Otis Worldwide Co. (NYSE:OTIS)

Axxcess Wealth Management LLC raised its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 92.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,960 shares of the company’s stock after buying an additional 3,818 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Otis Worldwide were worth $790,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in OTIS. Vanguard Group Inc. grew its holdings in shares of Otis Worldwide by 14.8% in the fourth quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock valued at $4,095,342,000 after purchasing an additional 5,913,933 shares in the last quarter. Norges Bank purchased a new position in shares of Otis Worldwide in the fourth quarter valued at $628,855,000. PineStone Asset Management Inc. grew its holdings in shares of Otis Worldwide by 17.4% in the fourth quarter. PineStone Asset Management Inc. now owns 3,338,785 shares of the company’s stock valued at $298,721,000 after purchasing an additional 494,460 shares in the last quarter. Sarasin & Partners LLP grew its holdings in shares of Otis Worldwide by 11.2% in the first quarter. Sarasin & Partners LLP now owns 3,251,612 shares of the company’s stock valued at $322,788,000 after purchasing an additional 328,539 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Otis Worldwide by 4.1% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,191,118 shares of the company’s stock worth $316,782,000 after buying an additional 126,684 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Insider Transactions at Otis Worldwide

In related news, EVP Peiming Zheng sold 30,364 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total value 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 sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

OTIS traded up $0.45 on Friday, hitting $93.48. The company had a trading volume of 2,466,089 shares, compared to its average volume of 2,103,924. The stock has a fifty day moving average price of $97.26 and a 200-day moving average price of $94.98. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $100.84. The stock has a market capitalization of $37.80 billion, a price-to-earnings ratio of 26.96 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.03. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The company 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 earned $0.92 earnings per share. The firm’s quarterly revenue was down 3.2% compared to the same quarter last year. Analysts forecast that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 6th. Stockholders 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 dividend yield of 1.67%. Otis Worldwide’s payout ratio is 45.09%.

Otis Worldwide Company 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.