Otis Worldwide Co. (NYSE:OTIS) Shares Acquired by Moors & Cabot Inc.

Moors & Cabot Inc. grew its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 7.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,972 shares of the company’s stock after purchasing an additional 357 shares during the period. Moors & Cabot Inc.’s holdings in Otis Worldwide were worth $479,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of OTIS. Meeder Asset Management Inc. grew its position in Otis Worldwide by 264.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after purchasing an additional 196 shares in the last quarter. Jamison Private Wealth Management Inc. boosted its position in shares of Otis Worldwide by 5,720.0% in the second 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 during the second quarter valued at $29,000. LifeSteps Financial Inc. purchased a new position in shares of Otis Worldwide during the first quarter valued at $31,000. Finally, Accent Capital Management LLC acquired a new position in Otis Worldwide during the fourth quarter valued at $36,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock opened at $96.41 on Friday. The stock has a 50-day simple moving average of $94.38 and a 200-day simple moving average of $95.92. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $100.84. The firm has a market cap of $38.98 billion, a price-to-earnings ratio of 27.86 and a beta of 1.03.

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

Otis Worldwide Dividend Announcement

The business 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. The ex-dividend date was Friday, August 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.62%. Otis Worldwide’s dividend payout ratio (DPR) is presently 45.09%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Royal Bank of Canada restated an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday. Morgan Stanley assumed coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target for the company. Finally, Wells Fargo & Company lowered their price objective 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 equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $100.00.

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.