Aprio Wealth Management LLC Acquires 482 Shares of Otis Worldwide Co. (NYSE:OTIS)

Aprio Wealth Management LLC raised its holdings in Otis Worldwide Co. (NYSE:OTIS) by 19.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,978 shares of the company’s stock after buying an additional 482 shares during the period. Aprio Wealth Management LLC’s holdings in Otis Worldwide were worth $287,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in OTIS. Cetera Trust Company N.A bought a new position in shares of Otis Worldwide in the fourth quarter valued at $27,000. Turtle Creek Wealth Advisors LLC acquired a new stake in Otis Worldwide in the 4th quarter valued at about $28,000. LifeSteps Financial Inc. bought a new position in Otis Worldwide during the first quarter worth about $31,000. Pacific Capital Wealth Advisors Inc. acquired a new position in Otis Worldwide during the fourth quarter worth approximately $35,000. Finally, Accent Capital Management LLC bought a new stake in Otis Worldwide in the fourth quarter valued at approximately $36,000. 88.03% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently weighed in on OTIS. JPMorgan Chase & Co. increased their price objective 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. Wells Fargo & Company decreased their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 25th. Finally, Argus boosted their price target on Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, Otis Worldwide has an average rating of “Hold” and a consensus target price of $98.83.

Otis Worldwide Price Performance

OTIS stock traded down $0.02 during midday trading on Thursday, reaching $92.45. The company had a trading volume of 1,592,635 shares, compared to its average volume of 2,123,697. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $100.84. The company has a market capitalization of $37.38 billion, a price-to-earnings ratio of 26.70 and a beta of 1.03. The stock has a 50 day moving average price of $96.65 and a 200-day moving average price of $95.47.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 EPS for the quarter, beating the consensus estimate of $1.03 by $0.03. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.74 billion. During the same period in the previous year, the business earned $0.92 earnings per share. The company’s revenue was down 3.2% on a year-over-year basis. As a group, research analysts anticipate that Otis Worldwide Co. will post 3.87 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 6th. Investors of record on Friday, August 16th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.69%. The ex-dividend date is Friday, August 16th. Otis Worldwide’s payout ratio is 45.09%.

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.