First Horizon Advisors Inc. Raises Holdings in Otis Worldwide Co. (NYSE:OTIS)

First Horizon Advisors Inc. increased its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 12.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,191 shares of the company’s stock after purchasing an additional 351 shares during the period. First Horizon Advisors Inc.’s holdings in Otis Worldwide were worth $285,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Stratos Wealth Partners LTD. boosted its stake in shares of Otis Worldwide by 13.1% during the third quarter. Stratos Wealth Partners LTD. now owns 6,759 shares of the company’s stock valued at $543,000 after acquiring an additional 785 shares during the last quarter. Stratos Wealth Advisors LLC boosted its stake in shares of Otis Worldwide by 6.1% during the 3rd quarter. Stratos Wealth Advisors LLC now owns 2,782 shares of the company’s stock worth $223,000 after purchasing an additional 160 shares during the last quarter. Verdence Capital Advisors LLC grew its holdings in shares of Otis Worldwide by 5.0% during the third quarter. Verdence Capital Advisors LLC now owns 5,024 shares of the company’s stock worth $403,000 after buying an additional 240 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Otis Worldwide by 1.4% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 111,433 shares of the company’s stock valued at $8,949,000 after buying an additional 1,589 shares during the last quarter. Finally, Mackenzie Financial Corp lifted its stake in shares of Otis Worldwide by 2.9% during the third quarter. Mackenzie Financial Corp now owns 35,204 shares of the company’s stock valued at $2,795,000 after buying an additional 1,000 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $92.12 on Monday. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.35. The stock has a 50-day simple moving average of $96.44 and a 200-day simple moving average of $89.89. The stock has a market capitalization of $37.25 billion, a P/E ratio of 26.62 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.01. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. The company had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.44 billion. Analysts predict that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be issued a dividend of $0.39 per share. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. This represents a $1.56 annualized dividend and a dividend yield of 1.69%. The ex-dividend date of this dividend is Thursday, May 16th. Otis Worldwide’s dividend payout ratio (DPR) is presently 39.31%.

Insider Buying and Selling

In related news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction 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 sale, the insider now owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the completion of the transaction, the chief executive officer now directly owns 192,319 shares in the company, valued at approximately $17,660,653.77. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Montlivault Stephane De sold 18,393 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was 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 of the company’s stock, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts have commented on OTIS shares. Melius started coverage on shares of Otis Worldwide in a research note on Tuesday, April 2nd. They issued a “hold” rating for the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $100.00 target price on shares of Otis Worldwide in a research note on Monday, February 5th. Wells Fargo & Company decreased 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. JPMorgan Chase & Co. upped their price objective on shares of Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, April 25th. Finally, UBS Group raised their target price on shares of Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, February 16th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $96.86.

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.