Park Avenue Securities LLC Buys 764 Shares of Otis Worldwide Co. (NYSE:OTIS)

Park Avenue Securities LLC increased its stake in Otis Worldwide Co. (NYSE:OTIS) by 5.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,804 shares of the company’s stock after buying an additional 764 shares during the quarter. Park Avenue Securities LLC’s holdings in Otis Worldwide were worth $1,470,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of OTIS. Cetera Trust Company N.A bought a new stake in Otis Worldwide in the fourth quarter worth $27,000. Turtle Creek Wealth Advisors LLC bought a new stake in Otis Worldwide in the fourth quarter worth $28,000. Orion Capital Management LLC bought a new stake in Otis Worldwide in the third quarter worth $30,000. Pacific Capital Wealth Advisors Inc. bought a new stake in Otis Worldwide in the fourth quarter worth $35,000. Finally, Accent Capital Management LLC bought a new stake in Otis Worldwide in the fourth quarter worth $36,000. 88.03% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of Otis Worldwide stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total value of $2,844,803.16. Following the transaction, the executive vice president now owns 15,570 shares in the company, valued at $1,458,753.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.23% of the stock is owned by insiders.

Otis Worldwide Trading Down 0.7 %

Shares of Otis Worldwide stock opened at $95.92 on Monday. The firm has a market cap of $38.78 billion, a P/E ratio of 27.72 and a beta of 1.04. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.84. The stock’s fifty day moving average price is $96.14 and its 200-day moving average price is $93.64.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, beating the consensus estimate of $0.87 by $0.01. The firm 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%. Analysts forecast 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 was paid on Friday, June 7th. Shareholders of record on Friday, May 17th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.63%. The ex-dividend date of this dividend was Thursday, May 16th. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s payout ratio is 45.09%.

Analysts Set New Price Targets

A number of analysts have weighed in on OTIS shares. Melius started coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They issued a “hold” rating on the stock. JPMorgan Chase & Co. increased their target price on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, April 25th. Wells Fargo & Company reduced their target price 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. Argus increased their target price on Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Finally, Barclays increased their target price 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. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target 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.