Connecticut Wealth Management LLC Has $9.66 Million Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Connecticut Wealth Management LLC decreased its stake in Otis Worldwide Co. (NYSE:OTIS) by 0.9% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 100,334 shares of the company’s stock after selling 937 shares during the quarter. Connecticut Wealth Management LLC’s holdings in Otis Worldwide were worth $9,658,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Otis Worldwide by 14.8% in the fourth quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock worth $4,095,342,000 after buying an additional 5,913,933 shares during the period. PineStone Asset Management Inc. boosted its stake 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 worth $429,717,000 after purchasing an additional 2,590,780 shares during the period. Massachusetts Financial Services Co. MA grew its position in Otis Worldwide by 12.4% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock worth $793,945,000 after purchasing an additional 907,972 shares in the last quarter. Sarasin & Partners LLP raised its stake in Otis Worldwide by 27.2% during the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock valued at $398,061,000 after purchasing an additional 883,659 shares during the period. Finally, Brown Brothers Harriman & Co. lifted its holdings in shares of Otis Worldwide by 2,782.3% in the second quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock valued at $78,469,000 after purchasing an additional 786,897 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock opened at $95.52 on Friday. The firm has a market cap of $38.26 billion, a price-to-earnings ratio of 27.61 and a beta of 1.03. The stock has a 50-day simple moving average of $94.23 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.

Otis Worldwide (NYSE:OTIS) last announced its quarterly 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 for the quarter, compared to analyst estimates of $3.74 billion. During the same quarter in the prior year, the business posted $0.92 EPS. Otis Worldwide’s quarterly revenue was down 3.2% on a year-over-year basis. 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. Shareholders of record on Friday, August 16th were given a $0.39 dividend. The ex-dividend date was Friday, August 16th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.63%. Otis Worldwide’s dividend payout ratio is currently 45.09%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on OTIS. Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a report on Thursday. Wells Fargo & Company dropped their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, July 25th. Finally, Morgan Stanley began coverage on shares of Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target for the company. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and a consensus price target of $100.00.

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.