Ritholtz Wealth Management Acquires 335 Shares of Otis Worldwide Co. (NYSE:OTIS)

Ritholtz Wealth Management grew its holdings in Otis Worldwide Co. (NYSE:OTIS) by 10.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,447 shares of the company’s stock after purchasing an additional 335 shares during the quarter. Ritholtz Wealth Management’s holdings in Otis Worldwide were worth $332,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in OTIS. Interchange Capital Partners LLC acquired a new position in Otis Worldwide in the second quarter valued at approximately $218,000. Essex Financial Services Inc. lifted its position in shares of Otis Worldwide by 13.1% during the 2nd quarter. Essex Financial Services Inc. now owns 19,196 shares of the company’s stock valued at $1,848,000 after acquiring an additional 2,223 shares during the period. Aptus Capital Advisors LLC boosted its stake in Otis Worldwide by 8.1% during the second quarter. Aptus Capital Advisors LLC now owns 3,572 shares of the company’s stock worth $344,000 after acquiring an additional 269 shares in the last quarter. Graypoint LLC grew its holdings in Otis Worldwide by 5.8% in the second quarter. Graypoint LLC now owns 4,219 shares of the company’s stock worth $406,000 after purchasing an additional 232 shares during the period. Finally, Banque Cantonale Vaudoise bought a new stake in Otis Worldwide in the second quarter valued at $392,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Down 1.9 %

OTIS stock opened at $92.44 on Friday. The firm has a market capitalization of $37.37 billion, a PE ratio of 26.72 and a beta of 1.03. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $100.84. The stock’s 50 day moving average is $94.94 and its 200-day moving average is $95.91.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. Otis Worldwide’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.92 EPS. On average, equities research analysts anticipate that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 6th. Shareholders of record on Friday, August 16th will be given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date of this dividend is Friday, August 16th. Otis Worldwide’s payout ratio is 45.09%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on OTIS shares. Argus raised their target price on Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Wells Fargo & Company reduced their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, July 25th. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $98.83.

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.