CVA Family Office LLC Raises Holdings in Otis Worldwide Co. (NYSE:OTIS)

CVA Family Office LLC boosted its stake in Otis Worldwide Co. (NYSE:OTIS) by 40.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,306 shares of the company’s stock after purchasing an additional 379 shares during the period. CVA Family Office LLC’s holdings in Otis Worldwide were worth $126,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Nordea Investment Management AB increased its holdings in Otis Worldwide by 19.6% during the 1st quarter. Nordea Investment Management AB now owns 463,190 shares of the company’s stock valued at $46,138,000 after purchasing an additional 75,878 shares during the period. Stevens Capital Management LP grew its position in shares of Otis Worldwide by 142.1% in the 4th quarter. Stevens Capital Management LP now owns 7,555 shares of the company’s stock worth $676,000 after buying an additional 4,435 shares during the last quarter. International Assets Investment Management LLC increased its stake in shares of Otis Worldwide by 13,638.0% during the fourth quarter. International Assets Investment Management LLC now owns 151,667 shares of the company’s stock valued at $13,570,000 after buying an additional 150,563 shares during the period. Johnson Investment Counsel Inc. raised its holdings in shares of Otis Worldwide by 1.9% during the fourth quarter. Johnson Investment Counsel Inc. now owns 9,329 shares of the company’s stock valued at $835,000 after acquiring an additional 175 shares in the last quarter. Finally, First Eagle Investment Management LLC lifted its stake in Otis Worldwide by 173.7% in the first quarter. First Eagle Investment Management LLC now owns 20,048 shares of the company’s stock worth $1,990,000 after acquiring an additional 12,722 shares during the period. Institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on OTIS shares. Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 25th. Argus boosted their price target on shares of Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, April 25th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $98.83.

Otis Worldwide Stock Down 1.0 %

Shares of NYSE:OTIS traded down $0.92 during midday trading on Wednesday, reaching $92.47. The company’s stock had a trading volume of 2,102,521 shares, compared to its average volume of 2,127,214. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $100.84. The firm has a market capitalization of $37.39 billion, a P/E ratio of 26.91 and a beta of 1.03. The firm has a 50 day moving average of $96.70 and a 200-day moving average of $95.49.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.03. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.74 billion. During the same quarter in the prior year, the company earned $0.92 earnings per share. The business’s revenue was down 3.2% compared to the same quarter last year. On average, research analysts predict that Otis Worldwide Co. will post 3.87 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 6th. Shareholders of record on Friday, August 16th will be paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date is Friday, August 16th. Otis Worldwide’s payout ratio is 45.09%.

Otis Worldwide Company 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.