3,462 Shares in Otis Worldwide Corporation (NYSE:OTIS) Bought by Boston Family Office LLC

Boston Family Office LLC bought a new position in Otis Worldwide Corporation (NYSE:OTIS) in the 1st quarter, HoldingsChannel.com reports. The firm bought 3,462 shares of the company’s stock, valued at approximately $357,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Coldstream Capital Management Inc. lifted its position in Otis Worldwide by 4.2% in the fourth quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company’s stock worth $249,000 after purchasing an additional 109 shares during the period. Thurston Springer Miller Herd & Titak Inc. lifted its holdings in shares of Otis Worldwide by 15.3% during the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 828 shares of the company’s stock valued at $85,000 after acquiring an additional 110 shares during the period. AlTi Global Inc. lifted its holdings in shares of Otis Worldwide by 4.9% during the fourth quarter. AlTi Global Inc. now owns 2,404 shares of the company’s stock valued at $223,000 after acquiring an additional 113 shares during the period. Graypoint LLC lifted its holdings in shares of Otis Worldwide by 3.4% during the first quarter. Graypoint LLC now owns 4,414 shares of the company’s stock valued at $456,000 after acquiring an additional 147 shares during the period. Finally, Courier Capital LLC lifted its holdings in shares of Otis Worldwide by 6.2% during the first quarter. Courier Capital LLC now owns 2,566 shares of the company’s stock valued at $265,000 after acquiring an additional 150 shares during the period. 88.03% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Wolfe Research raised Otis Worldwide from an “underperform” rating to a “peer perform” rating in a report on Friday, July 25th. Royal Bank Of Canada lowered their target price on Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating for the company in a research note on Monday, July 28th. Deutsche Bank Aktiengesellschaft initiated coverage on Otis Worldwide in a research note on Monday, July 14th. They issued a “hold” rating and a $109.00 target price for the company. Barclays lowered their target price on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a research note on Thursday, July 24th. Finally, Morgan Stanley raised their target price on Otis Worldwide from $97.00 to $105.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 8th. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $102.50.

Otis Worldwide Stock Down 0.2%

Shares of OTIS stock opened at $87.37 on Friday. The stock has a 50-day moving average price of $94.17 and a 200 day moving average price of $96.53. The firm has a market cap of $34.29 billion, a price-to-earnings ratio of 23.11, a PEG ratio of 4.21 and a beta of 0.95. Otis Worldwide Corporation has a 12 month low of $84.25 and a 12 month high of $106.83.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.02. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.73 billion. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%. The company’s revenue for the quarter was down .2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.06 EPS. Sell-side analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Friday, August 15th will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Friday, August 15th. Otis Worldwide’s payout ratio is presently 44.44%.

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.