Integrated Wealth Concepts LLC Has $778,000 Position in Otis Worldwide Co. (NYSE:OTIS)

Posted by Defense World Staff on Aug 2nd, 2023

Integrated Wealth Concepts LLC boosted its holdings in shares of Otis Worldwide Co. (NYSE:OTIS – Free Report) by 36.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,222 shares of the company’s stock after buying an additional 2,456 shares during the period. Integrated Wealth Concepts LLC’s holdings in Otis Worldwide were worth $778,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Sigma Planning Corp grew its holdings in shares of Otis Worldwide by 2.7% in the 4th quarter. Sigma Planning Corp now owns 4,786 shares of the company’s stock worth $375,000 after purchasing an additional 128 shares during the last quarter. Great Valley Advisor Group Inc. grew its holdings in shares of Otis Worldwide by 3.8% in the 4th quarter. Great Valley Advisor Group Inc. now owns 3,525 shares of the company’s stock worth $276,000 after purchasing an additional 128 shares during the last quarter. Northwest Bancshares Inc. lifted its position in Otis Worldwide by 3.5% during the 4th quarter. Northwest Bancshares Inc. now owns 3,923 shares of the company’s stock worth $307,000 after buying an additional 132 shares in the last quarter. Optas LLC lifted its position in Otis Worldwide by 1.9% during the 1st quarter. Optas LLC now owns 7,255 shares of the company’s stock worth $612,000 after buying an additional 137 shares in the last quarter. Finally, Kentucky Retirement Systems lifted its position in Otis Worldwide by 0.4% during the 4th quarter. Kentucky Retirement Systems now owns 33,039 shares of the company’s stock worth $2,587,000 after buying an additional 144 shares in the last quarter. Institutional investors and hedge funds own 96.16% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on OTIS shares. Barclays upped their price target on shares of Otis Worldwide from $79.00 to $80.00 in a research report on Monday, July 10th. TheStreet upgraded shares of Otis Worldwide from a “c+” rating to a “b” rating in a research report on Wednesday, July 26th. Morgan Stanley upped their price target on shares of Otis Worldwide from $89.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 19th. Royal Bank of Canada upped their price target on shares of Otis Worldwide from $96.00 to $100.00 in a research report on Friday, July 28th. Finally, HSBC upped their target price on shares of Otis Worldwide from $81.00 to $88.00 in a research report on Friday, June 23rd. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $88.43.

Insider Activity at Otis Worldwide

In related news, insider Fernandez Bernardo Calleja sold 3,992 shares of the stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $90.70, for a total transaction of $362,074.40. Following the completion of the sale, the insider now directly owns 42,097 shares of the company’s stock, valued at approximately $3,818,197.90. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CAO Michael Patrick Ryan sold 6,372 shares of the stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $90.50, for a total transaction of $576,666.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Fernandez Bernardo Calleja sold 3,992 shares of the stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $90.70, for a total value of $362,074.40. Following the sale, the insider now directly owns 42,097 shares of the company’s stock, valued at $3,818,197.90. The disclosure for this sale can be found here. 0.15% of the stock is currently owned by corporate insiders.

Otis Worldwide Trading Down 0.8 %

Otis Worldwide stock opened at $90.24 on Wednesday. The company has a market cap of $37.15 billion, a PE ratio of 28.47 and a beta of 0.95. The company’s 50-day moving average is $86.83 and its two-hundred day moving average is $84.38. Otis Worldwide Co. has a 1 year low of $62.49 and a 1 year high of $91.33.

Otis Worldwide (NYSE:OTIS – Get Free Report) last announced its quarterly earnings results on Wednesday, July 26th. The company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.06. The business had revenue of $3.72 billion for the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 28.62%. Otis Worldwide’s revenue for the quarter was up 6.7% on a year-over-year basis. During the same period last year, the company posted $0.86 EPS. Research analysts forecast that Otis Worldwide Co. will post 3.47 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Friday, August 18th will be given a $0.34 dividend. The ex-dividend date is Thursday, August 17th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.51%. Otis Worldwide’s dividend payout ratio is 42.90%.

About Otis Worldwide

(Free Report)

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.