Daymark Wealth Partners LLC Has $716,000 Position in Otis Worldwide Co. (NYSE:OTIS)

Daymark Wealth Partners LLC lessened its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 2.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,435 shares of the company’s stock after selling 193 shares during the period. Daymark Wealth Partners LLC’s holdings in Otis Worldwide were worth $716,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Meeder Asset Management Inc. lifted its stake in Otis Worldwide by 264.9% in the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after buying an additional 196 shares in the last quarter. Jamison Private Wealth Management Inc. raised its holdings in shares of Otis Worldwide by 5,720.0% during the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after acquiring an additional 286 shares during the period. Cranbrook Wealth Management LLC lifted its position in Otis Worldwide by 675.7% in the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after acquiring an additional 250 shares in the last quarter. Hantz Financial Services Inc. bought a new stake in Otis Worldwide in the 2nd quarter valued at $29,000. Finally, LifeSteps Financial Inc. acquired a new position in Otis Worldwide in the 1st quarter worth $31,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Trading Up 1.0 %

NYSE OTIS opened at $104.44 on Friday. The firm has a market capitalization of $42.23 billion, a P/E ratio of 30.18 and a beta of 1.03. The firm’s fifty day moving average price is $94.39 and its two-hundred day moving average price is $96.08. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $105.24.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The company had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.74 billion. During the same period in the prior year, the firm earned $0.92 EPS. Otis Worldwide’s quarterly revenue was down 3.2% compared to the same quarter last year. On average, research analysts anticipate that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were paid a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.49%. Otis Worldwide’s dividend payout ratio is currently 45.09%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. Morgan Stanley began coverage on shares of Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price for the company. Finally, Wells Fargo & Company cut their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 25th. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Otis Worldwide has an average rating of “Hold” and an average target price of $100.00.

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.