Acadian Asset Management LLC Grows Stake in Otis Worldwide Co. (NYSE:OTIS)

Acadian Asset Management LLC grew its holdings in Otis Worldwide Co. (NYSE:OTIS) by 96.2% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 13,335 shares of the company’s stock after buying an additional 6,537 shares during the quarter. Acadian Asset Management LLC’s holdings in Otis Worldwide were worth $1,282,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of OTIS. Jamison Private Wealth Management Inc. lifted its holdings in Otis Worldwide by 5,720.0% in the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after buying an additional 286 shares during the period. Hantz Financial Services Inc. purchased a new position in shares of Otis Worldwide in the 2nd quarter valued at approximately $29,000. LifeSteps Financial Inc. purchased a new position in shares of Otis Worldwide in the 1st quarter valued at approximately $31,000. Accent Capital Management LLC purchased a new position in shares of Otis Worldwide in the 4th quarter valued at approximately $36,000. Finally, Versant Capital Management Inc lifted its stake in shares of Otis Worldwide by 125.0% in the 2nd quarter. Versant Capital Management Inc now owns 369 shares of the company’s stock valued at $36,000 after purchasing an additional 205 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

OTIS has been the subject of a number of research analyst reports. Morgan Stanley initiated coverage on Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price for the company. Wells Fargo & Company lowered their target price 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. Seven analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, Otis Worldwide has an average rating of “Hold” and an average price target of $98.57.

Otis Worldwide Stock Up 1.6 %

OTIS stock opened at $94.18 on Monday. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $100.84. The firm has a market cap of $38.08 billion, a PE ratio of 27.22 and a beta of 1.03. The business has a 50 day moving average of $94.49 and a 200 day moving average of $95.93.

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

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 6th. Shareholders 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 1.66%. The ex-dividend date of this dividend was Friday, August 16th. Otis Worldwide’s payout ratio is 45.09%.

Otis Worldwide 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.