Meeder Advisory Services Inc. Boosts Stock Position in Otis Worldwide Corporation (NYSE:OTIS)

Meeder Advisory Services Inc. boosted its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 19.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,513 shares of the company’s stock after purchasing an additional 1,675 shares during the period. Meeder Advisory Services Inc.’s holdings in Otis Worldwide were worth $1,085,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. GAMMA Investing LLC boosted its position in Otis Worldwide by 12,162.8% during the 1st quarter. GAMMA Investing LLC now owns 820,750 shares of the company’s stock valued at $84,701,000 after acquiring an additional 814,057 shares in the last quarter. BNP Paribas Financial Markets purchased a new stake in Otis Worldwide in the fourth quarter worth $66,962,000. Northern Trust Corp raised its holdings in Otis Worldwide by 12.3% in the fourth quarter. Northern Trust Corp now owns 4,577,626 shares of the company’s stock worth $423,934,000 after purchasing an additional 501,016 shares in the last quarter. Canoe Financial LP lifted its position in Otis Worldwide by 45.5% during the first quarter. Canoe Financial LP now owns 1,503,369 shares of the company’s stock valued at $155,148,000 after buying an additional 469,946 shares during the period. Finally, Twinbeech Capital LP bought a new stake in shares of Otis Worldwide during the 4th quarter valued at $39,288,000. Institutional investors own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on OTIS. Wolfe Research upgraded shares of Otis Worldwide from an “underperform” rating to a “peer perform” rating in a research note on Friday, July 25th. Deutsche Bank Aktiengesellschaft started coverage on Otis Worldwide in a research report on Monday, July 14th. They issued a “hold” rating and a $109.00 price target on the stock. JPMorgan Chase & Co. reduced their price objective on Otis Worldwide from $109.00 to $101.00 and set an “overweight” rating for the company in a research report on Thursday, July 24th. Royal Bank Of Canada dropped their target price on Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating on the stock in a report on Monday. Finally, Morgan Stanley raised their price target on Otis Worldwide from $97.00 to $105.00 and gave the company an “equal weight” rating in a report on Tuesday, July 8th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Otis Worldwide presently has an average rating of “Hold” and a consensus target price of $102.50.

Otis Worldwide Trading Down 1.0%

Shares of OTIS opened at $86.43 on Thursday. Otis Worldwide Corporation has a 12 month low of $86.00 and a 12 month high of $106.83. The business’s fifty day simple moving average is $96.31 and its two-hundred day simple moving average is $97.16. The company has a market cap of $33.92 billion, a price-to-earnings ratio of 22.87, a P/E/G ratio of 4.19 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $1.03 by $0.02. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.73 billion. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%. Otis Worldwide’s revenue for the quarter was down .2% on a year-over-year basis. During the same period last year, the company earned $1.06 EPS. As a group, research analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 15th will be given a dividend of $0.42 per share. The ex-dividend date is Friday, August 15th. This represents a $1.68 dividend on an annualized basis and a yield of 1.94%. Otis Worldwide’s dividend payout ratio (DPR) is 44.44%.

About Otis Worldwide

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.