580 Shares in Otis Worldwide Co. (NYSE:OTIS) Acquired by Register Financial Advisors LLC

Register Financial Advisors LLC purchased a new position in Otis Worldwide Co. (NYSE:OTIS) during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 580 shares of the company’s stock, valued at approximately $58,000.

Other institutional investors and hedge funds have also modified their holdings of the company. LPL Financial LLC grew its holdings in Otis Worldwide by 18.7% during the 3rd quarter. LPL Financial LLC now owns 117,092 shares of the company’s stock valued at $9,404,000 after buying an additional 18,478 shares during the last quarter. Stifel Financial Corp grew its holdings in Otis Worldwide by 1.0% during the 3rd quarter. Stifel Financial Corp now owns 94,948 shares of the company’s stock valued at $7,626,000 after buying an additional 983 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in Otis Worldwide by 18.5% during the 3rd quarter. Tower Research Capital LLC TRC now owns 18,974 shares of the company’s stock valued at $1,524,000 after buying an additional 2,957 shares during the last quarter. Bank of Nova Scotia grew its holdings in Otis Worldwide by 149.9% during the 3rd quarter. Bank of Nova Scotia now owns 96,310 shares of the company’s stock valued at $7,735,000 after buying an additional 57,775 shares during the last quarter. Finally, United Services Automobile Association grew its holdings in Otis Worldwide by 20.2% during the 3rd quarter. United Services Automobile Association now owns 13,851 shares of the company’s stock valued at $1,112,000 after buying an additional 2,324 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Trading Up 0.3 %

Shares of OTIS opened at $96.26 on Friday. The firm has a market capitalization of $38.92 billion, a P/E ratio of 27.82 and a beta of 1.04. The stock’s fifty day simple moving average is $96.20 and its 200 day simple moving average is $93.90. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $100.84.

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 business 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%. Sell-side analysts predict that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Increases Dividend

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

Insider Buying and Selling

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of the firm’s 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 directly owns 15,570 shares of the company’s stock, valued at $1,458,753.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on OTIS shares. 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. Barclays raised their price objective on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 2nd. JPMorgan Chase & Co. raised their price objective on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, April 25th. Melius assumed coverage on Otis Worldwide in a report on Tuesday, April 2nd. They set a “hold” rating on the stock. Finally, Wells Fargo & Company decreased their price objective on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a report on Thursday, April 25th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus 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.