Carolina Wealth Advisors LLC Invests $53,000 in Otis Worldwide Co. (NYSE:OTIS)

by · The Cerbat Gem

Carolina Wealth Advisors LLC bought a new stake in shares of Otis Worldwide Co. (NYSE:OTIS – Free Report) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 506 shares of the company’s stock, valued at approximately $53,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Park Avenue Securities LLC grew its stake in shares of Otis Worldwide by 5.4% during the 1st quarter. Park Avenue Securities LLC now owns 14,804 shares of the company’s stock worth $1,470,000 after purchasing an additional 764 shares during the period. Ballentine Partners LLC grew its position in Otis Worldwide by 52.5% during the first quarter. Ballentine Partners LLC now owns 6,326 shares of the company’s stock valued at $628,000 after buying an additional 2,179 shares during the period. Northwest Investment Counselors LLC purchased a new position in Otis Worldwide in the first quarter valued at $40,000. Sarasin & Partners LLP raised its position in shares of Otis Worldwide by 11.2% in the first quarter. Sarasin & Partners LLP now owns 3,251,612 shares of the company’s stock worth $322,788,000 after acquiring an additional 328,539 shares during the period. Finally, Brookstone Capital Management purchased a new stake in shares of Otis Worldwide during the 1st quarter worth about $257,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

OTIS has been the topic of a number of recent analyst reports. Morgan Stanley assumed coverage on Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Wells Fargo & Company boosted their price target on shares of Otis Worldwide from $95.00 to $108.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Barclays lifted their target price on shares of Otis Worldwide from $90.00 to $96.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Finally, Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and an average target price of $102.71.

View Our Latest Report on OTIS

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock traded down $0.59 on Monday, reaching $105.42. The company had a trading volume of 496,662 shares, compared to its average volume of 2,109,345. The firm has a market cap of $42.62 billion, a PE ratio of 30.47 and a beta of 1.03. The firm’s 50 day moving average price is $97.42 and its two-hundred day moving average price is $96.61. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $106.33.

Otis Worldwide (NYSE:OTIS – Get Free Report) last released its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $1.03 by $0.03. The company had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The firm’s revenue was down 3.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.92 earnings per share. As a group, sell-side analysts predict that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 16th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.48%. The ex-dividend date of this dividend was Friday, August 16th. Otis Worldwide’s payout ratio is currently 45.09%.

Otis Worldwide Profile

(Free Report)

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.

Further Reading

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