CHICAGO TRUST Co NA Has $278,000 Stake in Otis Worldwide Co. (NYSE:OTIS)

CHICAGO TRUST Co NA increased its stake in Otis Worldwide Co. (NYSE:OTIS) by 21.6% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,678 shares of the company’s stock after acquiring an additional 475 shares during the quarter. CHICAGO TRUST Co NA’s holdings in Otis Worldwide were worth $278,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Hancock Whitney Corp increased its stake in shares of Otis Worldwide by 4.6% in the 1st quarter. Hancock Whitney Corp now owns 2,549 shares of the company’s stock valued at $253,000 after acquiring an additional 111 shares in the last quarter. Bleakley Financial Group LLC increased its stake in Otis Worldwide by 1.2% during the 1st quarter. Bleakley Financial Group LLC now owns 9,726 shares of the company’s stock valued at $965,000 after purchasing an additional 117 shares in the last quarter. Massmutual Trust Co. FSB ADV increased its stake in Otis Worldwide by 7.1% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 1,867 shares of the company’s stock valued at $185,000 after purchasing an additional 124 shares in the last quarter. Brighton Jones LLC increased its stake in Otis Worldwide by 5.0% during the 2nd quarter. Brighton Jones LLC now owns 2,580 shares of the company’s stock valued at $248,000 after purchasing an additional 124 shares in the last quarter. Finally, Park Avenue Securities LLC increased its stake in Otis Worldwide by 0.9% during the 2nd quarter. Park Avenue Securities LLC now owns 14,931 shares of the company’s stock valued at $1,437,000 after purchasing an additional 127 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on OTIS. Royal Bank of Canada restated an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a research note on Thursday, September 19th. Wells Fargo & Company boosted their price target on shares of Otis Worldwide from $95.00 to $108.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Barclays boosted their price target on shares of Otis Worldwide from $90.00 to $96.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Finally, Morgan Stanley started coverage on shares of Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective on the stock. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $102.71.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $104.03 on Monday. The company’s 50-day moving average is $96.21 and its 200 day moving average is $96.38. The company has a market capitalization of $42.06 billion, a P/E ratio of 30.07 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 $105.39.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results 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. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.74 billion. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The firm’s quarterly revenue was down 3.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.92 EPS. As a group, research analysts predict that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 16th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.50%. The ex-dividend date was Friday, August 16th. Otis Worldwide’s dividend payout ratio (DPR) is currently 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.