Empirical Financial Services LLC d.b.a. Empirical Wealth Management Has $1.36 Million Position in Otis Worldwide Co. (NYSE:OTIS)

Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 14.0% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,219 shares of the company’s stock after buying an additional 1,866 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management’s holdings in Otis Worldwide were worth $1,362,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of OTIS. Cetera Trust Company N.A bought a new position in Otis Worldwide in the 4th quarter worth $27,000. Turtle Creek Wealth Advisors LLC bought a new position in Otis Worldwide in the 4th quarter worth $28,000. Orion Capital Management LLC bought a new position in Otis Worldwide in the 3rd quarter worth $30,000. NBC Securities Inc. bought a new position in shares of Otis Worldwide during the 3rd quarter worth about $33,000. Finally, CNB Bank increased its holdings in shares of Otis Worldwide by 81.0% during the 3rd quarter. CNB Bank now owns 429 shares of the company’s stock worth $34,000 after purchasing an additional 192 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insiders Place Their Bets

In other news, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the transaction, the insider now directly owns 67,274 shares in the company, valued at approximately $6,128,661.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on OTIS. Wells Fargo & Company cut their price objective on shares of Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a report on Thursday, April 25th. Argus raised Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a research report on Thursday, February 22nd. UBS Group upped their price objective on Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, February 16th. Royal Bank of Canada reiterated an “outperform” rating and set a $100.00 price objective on shares of Otis Worldwide in a research note on Monday, February 5th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, April 25th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $96.86.

Otis Worldwide Stock Up 0.6 %

Shares of Otis Worldwide stock traded up $0.59 during trading on Wednesday, hitting $94.48. 462,900 shares of the company were exchanged, compared to its average volume of 1,998,382. The firm has a 50 day moving average price of $96.43 and a 200 day moving average price of $90.00. The stock has a market capitalization of $38.20 billion, a price-to-earnings ratio of 27.14 and a beta of 1.03. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $100.35.

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, beating analysts’ consensus estimates of $0.87 by $0.01. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. The business had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.44 billion. Analysts predict that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be paid a dividend of $0.39 per share. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $1.56 annualized dividend and a yield of 1.65%. Otis Worldwide’s dividend payout ratio is presently 39.31%.

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.