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

Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its stake in Otis Worldwide Co. (NYSE:OTIS) by 14.0% in the fourth quarter, Holdings Channel.com reports. The firm owned 15,219 shares of the company’s stock after acquiring 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 filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. JPMorgan Chase & Co. increased its holdings in shares of Otis Worldwide by 47.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock worth $605,571,000 after purchasing an additional 2,442,203 shares during the period. Jacobs Levy Equity Management Inc. increased its stake in Otis Worldwide by 104.5% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,555,300 shares of the company’s stock valued at $124,906,000 after acquiring an additional 794,626 shares during the period. Qube Research & Technologies Ltd increased its stake in Otis Worldwide by 119.1% in the third quarter. Qube Research & Technologies Ltd now owns 981,574 shares of the company’s stock valued at $78,830,000 after acquiring an additional 533,590 shares during the period. Barclays PLC increased its stake in Otis Worldwide by 82.1% in the third quarter. Barclays PLC now owns 957,288 shares of the company’s stock valued at $76,878,000 after acquiring an additional 431,542 shares during the period. Finally, Adage Capital Partners GP L.L.C. increased its stake in Otis Worldwide by 64.9% in the third quarter. Adage Capital Partners GP L.L.C. now owns 774,386 shares of the company’s stock valued at $62,191,000 after acquiring an additional 304,669 shares during the period. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the stock in a transaction dated 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 owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Up 0.6 %

OTIS stock traded up $0.59 during trading on Wednesday, hitting $94.48. The company had a trading volume of 462,900 shares, compared to its average volume of 1,998,382. The stock has a market cap of $38.20 billion, a price-to-earnings ratio of 27.14 and a beta of 1.03. The firm has a 50-day moving average price of $96.43 and a 200-day moving average price of $90.00. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.35.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, beating 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%. Equities analysts expect that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 17th will be paid a $0.39 dividend. The ex-dividend date is Thursday, May 16th. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. This represents a $1.56 dividend on an annualized basis and a yield of 1.65%. Otis Worldwide’s dividend payout ratio (DPR) is presently 39.31%.

Analyst Ratings Changes

A number of research firms recently weighed in on OTIS. Argus raised shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 target price on the stock in a research note on Thursday, February 22nd. Melius began coverage on shares of Otis Worldwide in a research note on Tuesday, April 2nd. They issued a “hold” rating on the stock. Barclays upped their target price on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 2nd. Royal Bank of Canada restated an “outperform” rating and issued a $100.00 price target on shares of Otis Worldwide in a research report on Monday, February 5th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, April 25th. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $96.86.

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.