Bradley Foster & Sargent Inc. CT Lowers Holdings in Otis Worldwide Co. (NYSE:OTIS)

Bradley Foster & Sargent Inc. CT trimmed its position in Otis Worldwide Co. (NYSE:OTIS) by 1.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 66,221 shares of the company’s stock after selling 1,099 shares during the period. Bradley Foster & Sargent Inc. CT’s holdings in Otis Worldwide were worth $6,374,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in Otis Worldwide by 14.8% in the 4th quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock valued at $4,095,342,000 after buying an additional 5,913,933 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in Otis Worldwide by 12.4% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock valued at $793,945,000 after buying an additional 907,972 shares during the last quarter. PineStone Asset Management Inc. grew its position in Otis Worldwide by 138.3% in the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock valued at $429,717,000 after buying an additional 2,590,780 shares during the last quarter. Sarasin & Partners LLP grew its position in Otis Worldwide by 27.2% in the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock valued at $398,061,000 after buying an additional 883,659 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Otis Worldwide by 4.1% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,191,118 shares of the company’s stock worth $316,782,000 after purchasing an additional 126,684 shares in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

OTIS has been the topic of several research analyst reports. Morgan Stanley initiated coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price on the stock. Wells Fargo & Company decreased their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 25th. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Otis Worldwide has a consensus rating of “Hold” and an average target price of $98.57.

Otis Worldwide Stock Down 2.2 %

NYSE:OTIS opened at $93.99 on Thursday. The company has a market capitalization of $38.00 billion, a PE ratio of 27.16 and a beta of 1.03. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $100.84. The stock has a fifty day simple moving average of $94.38 and a 200-day simple moving average of $95.92.

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

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.66%. The ex-dividend date of this dividend was Friday, August 16th. Otis Worldwide’s dividend payout ratio (DPR) is presently 45.09%.

Otis Worldwide Company 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.