FORVIS Wealth Advisors LLC Grows Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

FORVIS Wealth Advisors LLC lifted its position in Otis Worldwide Co. (NYSE:OTIS) by 94.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 18,026 shares of the company’s stock after buying an additional 8,779 shares during the period. FORVIS Wealth Advisors LLC’s holdings in Otis Worldwide were worth $1,789,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. Cetera Trust Company N.A purchased a new stake in Otis Worldwide in the fourth quarter valued at about $27,000. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Otis Worldwide in the 4th quarter valued at approximately $28,000. Orion Capital Management LLC acquired a new stake in Otis Worldwide in the 3rd quarter worth approximately $30,000. Pacific Capital Wealth Advisors Inc. purchased a new stake in Otis Worldwide during the 4th quarter worth approximately $35,000. Finally, Accent Capital Management LLC acquired a new position in Otis Worldwide during the 4th quarter valued at approximately $36,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Down 0.4 %

Shares of NYSE OTIS traded down $0.43 during trading on Friday, hitting $96.08. The company had a trading volume of 43,540 shares, compared to its average volume of 2,034,866. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $100.84. The stock has a fifty day simple moving average of $96.27 and a two-hundred day simple moving average of $94.07. The firm has a market capitalization of $38.85 billion, a price-to-earnings ratio of 27.89 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last posted 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 negative return on equity of 31.02% and a net margin of 9.99%. The company had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.44 billion. On average, analysts anticipate that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 17th were given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.62%. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Thursday, May 16th. Otis Worldwide’s dividend payout ratio is 45.09%.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of the stock in a transaction dated 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 sale, the executive vice president now owns 15,570 shares in the company, valued at approximately $1,458,753.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.23% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, April 25th. Melius assumed coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They set a “hold” rating on the stock. Barclays raised their price objective on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 2nd. Wells Fargo & Company cut 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 report on Thursday, April 25th. Finally, Argus lifted their price objective on shares of Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $99.33.

Otis Worldwide 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.