Imprint Wealth LLC Acquires New Holdings in Otis Worldwide Co. (NYSE:OTIS)

Imprint Wealth LLC bought a new position in Otis Worldwide Co. (NYSE:OTIS) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 167,210 shares of the company’s stock, valued at approximately $16,721,000. Otis Worldwide comprises about 0.7% of Imprint Wealth LLC’s investment portfolio, making the stock its 23rd largest position.

Several other large investors also recently made changes to their positions in OTIS. Vestmark Advisory Solutions Inc. raised its position in shares of Otis Worldwide by 2.7% during the 1st quarter. Vestmark Advisory Solutions Inc. now owns 6,389 shares of the company’s stock worth $539,000 after buying an additional 170 shares in the last quarter. Bailard Inc. bought a new position in Otis Worldwide during the 1st quarter valued at $211,000. Spinnaker Trust increased its position in shares of Otis Worldwide by 12.8% during the 2nd quarter. Spinnaker Trust now owns 3,221 shares of the company’s stock valued at $287,000 after purchasing an additional 365 shares during the period. Allspring Global Investments Holdings LLC raised its stake in shares of Otis Worldwide by 148.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 311,298 shares of the company’s stock worth $27,709,000 after buying an additional 186,079 shares in the last quarter. Finally, Cypress Capital Group raised its position in Otis Worldwide by 2.8% in the second quarter. Cypress Capital Group now owns 10,274 shares of the company’s stock worth $915,000 after acquiring an additional 277 shares in the last quarter. Institutional investors and hedge funds own 85.48% of the company’s stock.

Otis Worldwide Trading Up 0.4 %

NYSE OTIS traded up $0.36 on Monday, reaching $84.90. The stock had a trading volume of 732,408 shares, compared to its average volume of 1,856,332. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $91.33. The business has a 50 day moving average price of $80.09 and a 200 day moving average price of $84.01. The company has a market capitalization of $34.75 billion, a price-to-earnings ratio of 25.54 and a beta of 0.99.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, October 25th. The company reported $0.95 EPS for the quarter, beating the consensus estimate of $0.88 by $0.07. The business had revenue of $3.52 billion during the quarter, compared to analysts’ expectations of $3.54 billion. Otis Worldwide had a negative return on equity of 30.00% and a net margin of 9.84%. The firm’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.80 EPS. On average, analysts anticipate that Otis Worldwide Co. will post 3.52 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 8th. Investors of record on Friday, November 17th will be issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date is Thursday, November 16th. Otis Worldwide’s dividend payout ratio is presently 41.09%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. TheStreet raised shares of Otis Worldwide from a “c+” rating to a “b” rating in a research note on Wednesday, July 26th. Royal Bank of Canada raised their price objective on Otis Worldwide from $96.00 to $100.00 in a research note on Friday, July 28th. Wells Fargo & Company reduced their target price on Otis Worldwide from $92.00 to $82.00 in a report on Monday, October 9th. UBS Group began coverage on Otis Worldwide in a report on Tuesday, October 3rd. They set a “neutral” rating and a $87.00 price objective on the stock. Finally, Barclays lowered their price target on Otis Worldwide from $80.00 to $76.00 in a report on Thursday, September 7th. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $88.29.

Otis Worldwide Company Profile

Otis Worldwide Corporation engages in the 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.