B. Riley Wealth Advisors Inc. Has $624,000 Holdings in Otis Worldwide Co. (NYSE:OTIS)

B. Riley Wealth Advisors Inc. decreased its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 13.3% in the 4th quarter, Holdings Channel reports. The institutional investor owned 6,977 shares of the company’s stock after selling 1,068 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in Otis Worldwide were worth $624,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in Otis Worldwide by 14.8% during the 4th quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock worth $4,095,342,000 after acquiring an additional 5,913,933 shares during the period. JPMorgan Chase & Co. increased its holdings in Otis Worldwide by 47.9% in the third quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock valued at $605,571,000 after purchasing an additional 2,442,203 shares during the last quarter. Norges Bank acquired a new position in Otis Worldwide in the fourth quarter valued at about $628,855,000. Northern Trust Corp boosted its holdings in Otis Worldwide by 3.0% during the third quarter. Northern Trust Corp now owns 4,661,849 shares of the company’s stock worth $374,393,000 after buying an additional 135,048 shares during the last quarter. Finally, PineStone Asset Management Inc. grew its position in shares of Otis Worldwide by 17.4% during the 4th quarter. PineStone Asset Management Inc. now owns 3,338,785 shares of the company’s stock worth $298,721,000 after buying an additional 494,460 shares during the period. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Trading Down 0.7 %

OTIS stock opened at $95.92 on Friday. The stock has a 50-day moving average price of $96.14 and a two-hundred day moving average price of $93.58. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.84. The stock has a market cap of $38.78 billion, a PE ratio of 27.72 and a beta of 1.04.

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

Otis Worldwide Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 17th were issued a $0.39 dividend. The ex-dividend date of this dividend was Thursday, May 16th. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.63%. Otis Worldwide’s dividend payout ratio (DPR) is 45.09%.

Analyst Ratings Changes

A number of analysts recently weighed in on OTIS shares. Argus increased their price target on shares of Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Wells Fargo & Company reduced their price target on shares of Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a research report 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 report on Thursday, April 25th. Barclays lifted their target price on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 2nd. Finally, Melius began coverage on Otis Worldwide in a report on Tuesday, April 2nd. They issued a “hold” rating for the company. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $97.71.

Insider Transactions at Otis Worldwide

In related news, EVP Peiming Zheng sold 30,364 shares of the firm’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total value of $2,844,803.16. Following the completion of the transaction, the executive vice president now owns 15,570 shares of the company’s stock, valued at $1,458,753.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.23% of the stock is currently owned by insiders.

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.