Vanguard Personalized Indexing Management LLC Acquires 4,733 Shares of Otis Worldwide Co. (NYSE:OTIS)

Vanguard Personalized Indexing Management LLC boosted its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 14.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 37,547 shares of the company’s stock after buying an additional 4,733 shares during the quarter. Vanguard Personalized Indexing Management LLC’s holdings in Otis Worldwide were worth $3,475,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of OTIS. Nordea Investment Management AB boosted its position in shares of Otis Worldwide by 19.6% in the 1st quarter. Nordea Investment Management AB now owns 463,190 shares of the company’s stock worth $46,138,000 after purchasing an additional 75,878 shares in the last quarter. First Eagle Investment Management LLC boosted its holdings in Otis Worldwide by 173.7% in the first quarter. First Eagle Investment Management LLC now owns 20,048 shares of the company’s stock worth $1,990,000 after acquiring an additional 12,722 shares in the last quarter. CIBC Asset Management Inc grew its stake in shares of Otis Worldwide by 29.5% during the fourth quarter. CIBC Asset Management Inc now owns 144,536 shares of the company’s stock worth $12,932,000 after acquiring an additional 32,886 shares during the last quarter. Cetera Investment Advisers increased its holdings in shares of Otis Worldwide by 259.1% during the first quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock valued at $4,603,000 after acquiring an additional 33,457 shares in the last quarter. Finally, Cloverfields Capital Group LP raised its position in shares of Otis Worldwide by 212.2% in the 4th quarter. Cloverfields Capital Group LP now owns 91,737 shares of the company’s stock valued at $8,208,000 after purchasing an additional 62,350 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analysts Set New Price Targets

OTIS has been the topic of several research analyst reports. Morgan Stanley assumed 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. Royal Bank of Canada reissued an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a report on Thursday. Finally, Wells Fargo & Company reduced 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 research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $100.00.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $96.41 on Friday. The firm’s fifty day moving average is $94.38 and its two-hundred day moving average is $95.92. 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 Co. has a one year low of $73.32 and a one year high of $100.84.

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 negative return on equity of 31.65% and a net margin of 10.35%. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.74 billion. During the same period last year, the company earned $0.92 earnings per share. Otis Worldwide’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 fiscal year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 16th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.62%. The ex-dividend date was Friday, August 16th. Otis Worldwide’s dividend payout ratio is currently 45.09%.

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.