Meiji Yasuda Asset Management Co Ltd. Buys 453 Shares of Otis Worldwide Co. (NYSE:OTIS)

Meiji Yasuda Asset Management Co Ltd. lifted its position in Otis Worldwide Co. (NYSE:OTIS) by 7.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 6,411 shares of the company’s stock after purchasing an additional 453 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in Otis Worldwide were worth $617,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in OTIS. Cambridge Investment Research Advisors Inc. increased its position in shares of Otis Worldwide by 0.3% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 32,048 shares of the company’s stock valued at $3,181,000 after acquiring an additional 110 shares during the period. Hancock Whitney Corp raised its position in Otis Worldwide by 4.6% during the 1st quarter. Hancock Whitney Corp now owns 2,549 shares of the company’s stock valued at $253,000 after purchasing an additional 111 shares during the last quarter. Tritonpoint Wealth LLC lifted its holdings in Otis Worldwide by 4.1% in the 1st quarter. Tritonpoint Wealth LLC now owns 2,869 shares of the company’s stock worth $285,000 after buying an additional 113 shares during the period. Bleakley Financial Group LLC grew its position in shares of Otis Worldwide by 1.2% in the 1st quarter. Bleakley Financial Group LLC now owns 9,726 shares of the company’s stock worth $965,000 after buying an additional 117 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV increased its stake in shares of Otis Worldwide by 7.1% during the first quarter. Massmutual Trust Co. FSB ADV now owns 1,867 shares of the company’s stock valued at $185,000 after buying an additional 124 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Otis Worldwide Trading Down 0.9 %

Shares of NYSE:OTIS opened at $95.52 on Friday. The stock has a fifty day simple moving average of $94.23 and a two-hundred day simple moving average of $95.92. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $100.84. The stock has a market capitalization of $38.26 billion, a price-to-earnings ratio of 27.61 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last posted 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. 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 during the quarter, compared to analyst estimates of $3.74 billion. During the same quarter in the previous year, the firm earned $0.92 EPS. Otis Worldwide’s quarterly revenue 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 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 16th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.63%. The ex-dividend date was Friday, August 16th. Otis Worldwide’s dividend payout ratio (DPR) is currently 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.