Radnor Capital Management LLC Raises Position in Otis Worldwide Co. (NYSE:OTIS)

Radnor Capital Management LLC boosted its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 83.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 4,447 shares of the company’s stock after purchasing an additional 2,024 shares during the period. Radnor Capital Management LLC’s holdings in Otis Worldwide were worth $441,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. Cetera Trust Company N.A purchased a new stake in Otis Worldwide in the fourth quarter valued at approximately $27,000. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Otis Worldwide in the fourth quarter worth $28,000. Orion Capital Management LLC purchased a new position in shares of Otis Worldwide during the third quarter worth $30,000. Pacific Capital Wealth Advisors Inc. acquired a new position in Otis Worldwide during the fourth quarter valued at $35,000. Finally, Accent Capital Management LLC purchased a new stake in Otis Worldwide in the fourth quarter valued at $36,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Activity at Otis Worldwide

In other news, EVP Peiming Zheng sold 30,364 shares of the stock in a transaction on 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 transaction, the executive vice president now directly owns 15,570 shares in the company, valued at approximately $1,458,753.30. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.23% of the stock is currently owned by insiders.

Otis Worldwide Price Performance

OTIS stock opened at $95.92 on Monday. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.84. The firm has a market capitalization of $38.78 billion, a PE ratio of 27.72 and a beta of 1.04. The business has a 50 day simple moving average of $96.14 and a 200-day simple moving average of $93.69.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.44 billion. On average, equities research analysts expect that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 17th were paid a $0.39 dividend. 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. This represents a $1.56 annualized dividend and a dividend yield of 1.63%. Otis Worldwide’s dividend payout ratio is 45.09%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on OTIS shares. Wells Fargo & Company lowered 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 raised their target price on Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research report on Monday, May 13th. JPMorgan Chase & Co. upped their price target on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, April 25th. Barclays increased their price target on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 2nd. Finally, Melius initiated coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They set a “hold” rating for the company. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and a consensus target price 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.