Prescott Group Capital Management L.L.C. Purchases New Shares in Otis Worldwide Co. (NYSE:OTIS)

Prescott Group Capital Management L.L.C. purchased a new stake in shares of Otis Worldwide Co. (NYSE:OTIS – Get Rating) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 2,700 shares of the company’s stock, valued at approximately $211,000.

A number of other large investors have also added to or reduced their stakes in the company. SYSTM Wealth Solutions LLC acquired a new stake in Otis Worldwide during the 4th quarter valued at $4,011,000. Assetmark Inc. grew its holdings in Otis Worldwide by 97.7% during the 4th quarter. Assetmark Inc. now owns 607 shares of the company’s stock worth $48,000 after acquiring an additional 300 shares in the last quarter. Sequoia Financial Advisors LLC grew its holdings in Otis Worldwide by 13.5% during the 4th quarter. Sequoia Financial Advisors LLC now owns 3,574 shares of the company’s stock worth $280,000 after acquiring an additional 424 shares in the last quarter. Aviva PLC grew its holdings in Otis Worldwide by 17.7% during the 4th quarter. Aviva PLC now owns 804,508 shares of the company’s stock worth $1,581,000 after acquiring an additional 120,700 shares in the last quarter. Finally, Victory Capital Management Inc. grew its holdings in Otis Worldwide by 12.0% during the 4th quarter. Victory Capital Management Inc. now owns 392,001 shares of the company’s stock worth $30,698,000 after acquiring an additional 42,101 shares in the last quarter. 83.95% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Trading Down 0.3 %

OTIS traded down $0.26 during trading hours on Friday, hitting $81.17. The company’s stock had a trading volume of 728,540 shares, compared to its average volume of 1,775,827. The company has a 50-day simple moving average of $82.74 and a 200 day simple moving average of $81.50. The firm has a market capitalization of $33.55 billion, a PE ratio of 27.00 and a beta of 0.92. Otis Worldwide Co. has a fifty-two week low of $62.49 and a fifty-two week high of $87.33.

Otis Worldwide (NYSE:OTIS – Get Rating) last issued its quarterly earnings results on Wednesday, April 26th. The company reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.06. The company had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.26 billion. Otis Worldwide had a negative return on equity of 28.04% and a net margin of 9.35%. The company’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same period last year, the company earned $0.77 earnings per share. Research analysts expect that Otis Worldwide Co. will post 3.45 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 9th. Stockholders of record on Friday, May 19th will be paid a $0.34 dividend. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.29. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date of this dividend is Thursday, May 18th. Otis Worldwide’s dividend payout ratio is currently 44.88%.

Insider Activity

In other news, insider Fernandez Bernardo Calleja sold 703 shares of the business’s stock in a transaction on Monday, March 6th. The stock was sold at an average price of $86.85, for a total value of $61,055.55. Following the sale, the insider now owns 22,215 shares of the company’s stock, valued at approximately $1,929,372.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.11% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on OTIS shares. HSBC raised their price objective on shares of Otis Worldwide from $72.00 to $81.00 and gave the stock a “hold” rating in a report on Wednesday, April 19th. Wells Fargo & Company raised shares of Otis Worldwide from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $75.00 to $88.00 in a research report on Monday, May 1st. Cowen increased their price objective on shares of Otis Worldwide from $90.00 to $95.00 and gave the stock an “outperform” rating in a research note on Thursday, February 2nd. TheStreet upgraded Otis Worldwide from a “d+” rating to a “c+” rating in a research note on Monday, March 20th. Finally, Barclays lowered their target price on Otis Worldwide from $81.00 to $79.00 and set an “equal weight” rating for the company in a report on Thursday, April 6th. Nine research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $81.10.

About Otis Worldwide

(Get Rating)

Otis Worldwide Corporation manufactures, installs, and services 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.