CIBC Private Wealth Group LLC Has $221.07 Million Holdings in Otis Worldwide Co. (NYSE:OTIS)

CIBC Private Wealth Group LLC lifted its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 36.7% during the 1st quarter, Holdings Channel.com reports. The firm owned 3,229,633 shares of the company’s stock after purchasing an additional 867,666 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Otis Worldwide were worth $221,069,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Berman Capital Advisors LLC lifted its position in shares of Otis Worldwide by 67.2% during the 4th quarter. Berman Capital Advisors LLC now owns 403 shares of the company’s stock worth $26,000 after buying an additional 162 shares during the period. Safeguard Investment Advisory Group LLC bought a new position in shares of Otis Worldwide during the 4th quarter worth approximately $26,000. Baron Silver Stevens Financial Advisors LLC bought a new position in shares of Otis Worldwide during the 4th quarter worth approximately $27,000. Ironwood Wealth Management LLC. lifted its position in shares of Otis Worldwide by 1,280.0% during the 4th quarter. Ironwood Wealth Management LLC. now owns 414 shares of the company’s stock worth $28,000 after buying an additional 384 shares during the period. Finally, Concord Wealth Partners bought a new position in shares of Otis Worldwide during the 4th quarter worth approximately $29,000. 85.23% of the stock is currently owned by institutional investors.

Shares of OTIS stock traded down $0.37 on Friday, reaching $80.05. 2,284 shares of the stock were exchanged, compared to its average volume of 2,753,336. The company has a market capitalization of $34.35 billion and a PE ratio of 33.23. Otis Worldwide Co. has a one year low of $53.83 and a one year high of $81.56. The firm’s 50 day moving average price is $75.85.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Sunday, April 25th. The company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.09. Otis Worldwide had a negative return on equity of 33.25% and a net margin of 7.95%. The company had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.16 billion. The business’s revenue was up 14.9% on a year-over-year basis. On average, research analysts expect that Otis Worldwide Co. will post 2.86 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 10th. Investors of record on Friday, May 21st were paid a dividend of $0.24 per share. The ex-dividend date was Thursday, May 20th. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.20. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.20%. Otis Worldwide’s payout ratio is 38.10%.

In related news, insider Peiming Zheng sold 15,234 shares of Otis Worldwide stock in a transaction on Wednesday, April 28th. The stock was sold at an average price of $78.67, for a total transaction of $1,198,458.78. Following the completion of the sale, the insider now directly owns 19,022 shares of the company’s stock, valued at $1,496,460.74. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.05% of the stock is owned by insiders.

Several equities analysts have issued reports on the company. Barclays lifted their price objective on Otis Worldwide from $66.00 to $76.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 27th. Zacks Investment Research downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Wednesday, April 28th. HSBC upgraded Otis Worldwide from a “reduce” rating to a “hold” rating and set a $65.00 price objective for the company in a research report on Monday, March 29th. Berenberg Bank assumed coverage on Otis Worldwide in a research report on Tuesday, March 16th. They issued a “buy” rating and a $85.00 price objective for the company. Finally, Cowen lifted their price objective on Otis Worldwide from $75.00 to $77.00 in a research report on Wednesday, March 3rd. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $76.25.

Otis Worldwide 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.

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Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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