VCI Wealth Management LLC acquired a new stake in shares of Otis Worldwide Corporation (NYSE:OTIS – Free Report) during the third quarter, HoldingsChannel reports. The fund acquired 37,944 shares of the company’s stock, valued at approximately $2,441,000.
A number of other large investors have also recently made changes to their positions in OTIS. Coerente Capital Management raised its stake in Otis Worldwide by 7.4% during the 3rd quarter. Coerente Capital Management now owns 225,420 shares of the company’s stock worth $14,499,000 after acquiring an additional 15,535 shares during the period. Heritage Investors Management Corp lifted its holdings in Otis Worldwide by 2.1% during the third quarter. Heritage Investors Management Corp now owns 22,256 shares of the company’s stock valued at $1,432,000 after purchasing an additional 465 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Otis Worldwide in the third quarter worth approximately $6,192,000. Vise Technologies Inc. increased its stake in shares of Otis Worldwide by 29.4% in the third quarter. Vise Technologies Inc. now owns 10,948 shares of the company’s stock worth $704,000 after purchasing an additional 2,485 shares in the last quarter. Finally, International Assets Investment Management LLC raised its position in shares of Otis Worldwide by 1,583.7% during the 3rd quarter. International Assets Investment Management LLC now owns 33,000 shares of the company’s stock valued at $2,123,000 after purchasing an additional 31,040 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.
Otis Worldwide Trading Up 3.8%
Shares of OTIS opened at $78.59 on Tuesday. The business’s 50 day moving average is $69.82 and its 200 day moving average is $76.38. Otis Worldwide Corporation has a 12-month low of $63.58 and a 12-month high of $94.57. The company has a market capitalization of $29.92 billion, a PE ratio of 19.55, a price-to-earnings-growth ratio of 2.56 and a beta of 0.87.
Otis Worldwide (NYSE:OTIS – Get Free Report) last posted its quarterly earnings results on Wednesday, October 28th. The company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.04. Otis Worldwide had a negative return on equity of 28.45% and a net margin of 10.28%. The business had revenue of $3.91 billion during the quarter, compared to the consensus estimate of $3.85 billion. During the same period in the prior year, the company posted $1.05 EPS. The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year. Equities research analysts predict that Otis Worldwide Corporation will post 4.03 earnings per share for the current year.
Otis Worldwide Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be given a dividend of $0.44 per share. The ex-dividend date is Friday, November 13th. This represents a $1.76 annualized dividend and a dividend yield of 2.2%. Otis Worldwide’s dividend payout ratio (DPR) is presently 43.78%.
Analysts Set New Price Targets
A number of research analysts recently weighed in on OTIS shares. Evercore restated an “outperform” rating and set a $95.00 target price on shares of Otis Worldwide in a research note on Thursday, July 23rd. Morgan Stanley set a $75.00 target price on shares of Otis Worldwide in a report on Monday, August 10th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Otis Worldwide in a research note on Wednesday, August 12th. Royal Bank Of Canada set a $90.00 price target on Otis Worldwide in a research note on Tuesday, July 28th. Finally, Sanford C. Bernstein raised their price target on Otis Worldwide from $90.00 to $94.00 and gave the company an “outperform” rating in a report on Thursday. Four investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $91.20.
Read Our Latest Report on Otis Worldwide
About Otis Worldwide
Otis Worldwide Corporation (NYSE: OTIS) is a global manufacturer and service provider for the elevator and escalator industry. The company designs, manufactures, installs, modernizes and maintains elevators, escalators and moving walkways for commercial buildings, residential developments, transportation hubs and other infrastructure projects.
Otis provides equipment for new construction as well as maintenance, repair and modernization services for existing systems. Its service operations support equipment from Otis and other manufacturers, helping building owners and operators manage the safety, performance and lifecycle of vertical transportation systems.
The company traces its history to 1853, when Elisha Otis demonstrated a safety device for elevators.
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