Third View Private Wealth LLC raised its position in Otis Worldwide Corporation (NYSE:OTIS – Free Report) by 25.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 69,753 shares of the company’s stock after purchasing an additional 14,220 shares during the period. Third View Private Wealth LLC’s holdings in Otis Worldwide were worth $4,487,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of Otis Worldwide in the second quarter valued at approximately $2,264,017,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Otis Worldwide during the second quarter valued at approximately $423,739,000. Canada Pension Plan Investment Board purchased a new position in shares of Otis Worldwide during the second quarter valued at approximately $223,003,000. Bank of New York Mellon Corp acquired a new stake in Otis Worldwide during the second quarter worth approximately $196,298,000. Finally, Bank of America Corp DE acquired a new stake in Otis Worldwide during the second quarter worth approximately $189,233,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.
Otis Worldwide Stock Performance
Shares of NYSE:OTIS opened at $76.88 on Wednesday. Otis Worldwide Corporation has a 1 year low of $63.58 and a 1 year high of $94.57. The stock has a market capitalization of $29.27 billion, a P/E ratio of 19.13, a PEG ratio of 2.84 and a beta of 0.87. The stock has a 50-day simple moving average of $69.91 and a 200-day simple moving average of $76.31.
Otis Worldwide (NYSE:OTIS – Get Free Report) last posted its quarterly earnings results on Wednesday, October 28th. The company reported $1.05 EPS for the quarter, beating the consensus estimate of $1.01 by $0.04. The firm had revenue of $3.91 billion for the quarter, compared to analyst estimates of $3.85 billion. Otis Worldwide had a net margin of 10.28% and a negative return on equity of 28.45%. Otis Worldwide’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.05 earnings per share. Analysts predict that Otis Worldwide Corporation will post 4.03 earnings per share for the current year.
Otis Worldwide Announces Dividend
The firm 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 $0.44 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $1.76 annualized dividend and a dividend yield of 2.3%. Otis Worldwide’s dividend payout ratio is presently 43.78%.
Analysts Set New Price Targets
Several analysts have commented on OTIS shares. Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $77.00 to $75.00 and set an “underweight” rating for the company in a research note on Thursday, October 29th. Sanford C. Bernstein increased their price target on Otis Worldwide from $90.00 to $94.00 and gave the stock an “outperform” rating in a research note on Thursday, October 29th. Weiss Ratings restated a “hold (c-)” rating on shares of Otis Worldwide in a report on Wednesday, August 12th. Royal Bank Of Canada set a $90.00 price objective on Otis Worldwide in a report on Tuesday, July 28th. Finally, Morgan Stanley set a $75.00 price objective on Otis Worldwide in a research report on Monday, August 10th. Four equities research 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’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $91.20.
Read Our Latest Stock Report on OTIS
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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