Otis Worldwide Co. (NYSE:OTIS) Holdings Boosted by Ballentine Partners LLC

Ballentine Partners LLC grew its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 52.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,326 shares of the company’s stock after purchasing an additional 2,179 shares during the quarter. Ballentine Partners LLC’s holdings in Otis Worldwide were worth $628,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Radnor Capital Management LLC boosted its holdings in shares of Otis Worldwide by 83.5% during the first quarter. Radnor Capital Management LLC now owns 4,447 shares of the company’s stock valued at $441,000 after acquiring an additional 2,024 shares during the period. Cooper Financial Group lifted its holdings in Otis Worldwide by 8.1% in the 1st quarter. Cooper Financial Group now owns 8,864 shares of the company’s stock valued at $880,000 after acquiring an additional 665 shares during the last quarter. Liberty Capital Management Inc. lifted its holdings in Otis Worldwide by 0.9% in the 1st quarter. Liberty Capital Management Inc. now owns 24,578 shares of the company’s stock valued at $2,440,000 after acquiring an additional 209 shares during the last quarter. Bennett Selby Investments LP acquired a new position in shares of Otis Worldwide in the 1st quarter worth approximately $211,000. Finally, Gulf International Bank UK Ltd raised its holdings in shares of Otis Worldwide by 0.6% in the 1st quarter. Gulf International Bank UK Ltd now owns 34,102 shares of the company’s stock worth $3,385,000 after purchasing an additional 199 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Performance

Shares of NYSE OTIS traded up $0.86 during mid-day trading on Monday, reaching $96.78. The company had a trading volume of 82,409 shares, compared to its average volume of 2,024,270. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $100.84. The stock’s 50 day moving average is $96.14 and its 200-day moving average is $93.69. The stock has a market capitalization of $39.13 billion, a PE ratio of 27.72 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last issued its earnings results 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. The company had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.44 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. On average, sell-side analysts anticipate that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 17th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.61%. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Thursday, May 16th. Otis Worldwide’s payout ratio is currently 45.09%.

Insider Activity

In other news, EVP Peiming Zheng sold 30,364 shares of the company’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total transaction 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 filing with the SEC, which is accessible through this hyperlink. 0.23% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have issued reports on OTIS. Melius started coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They issued a “hold” rating on the stock. Barclays lifted their price objective on shares of Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 2nd. Argus increased their target price on Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a report on Monday, May 13th. Wells Fargo & Company decreased their target price on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a research report on Thursday, April 25th. Finally, JPMorgan Chase & Co. upped their price target on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, April 25th. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $99.33.

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.