Otis Worldwide Co. (NYSE:OTIS) Shares Bought by Bridges Investment Management Inc.

Bridges Investment Management Inc. grew its stake in Otis Worldwide Co. (NYSE:OTIS) by 2.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,690 shares of the company’s stock after purchasing an additional 300 shares during the period. Bridges Investment Management Inc.’s holdings in Otis Worldwide were worth $1,029,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of OTIS. Vanguard Group Inc. raised its position in Otis Worldwide by 14.8% during the 4th 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 last quarter. PineStone Asset Management Inc. raised its holdings in Otis Worldwide by 138.3% during the second 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 in the last quarter. Massachusetts Financial Services Co. MA lifted its position in Otis Worldwide by 12.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock valued at $793,945,000 after purchasing an additional 907,972 shares during the period. Sarasin & Partners LLP boosted its holdings 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 purchasing an additional 883,659 shares in the last quarter. Finally, Brown Brothers Harriman & Co. increased its position in Otis Worldwide by 2,782.3% during the 2nd quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock worth $78,469,000 after purchasing an additional 786,897 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Down 0.9 %

Otis Worldwide stock opened at $95.52 on Friday. The firm has a market capitalization of $38.26 billion, a PE ratio of 27.61 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 firm’s 50-day simple moving average is $94.23 and its 200 day simple moving average is $95.92.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $3.74 billion. During the same quarter in the prior year, the firm earned $0.92 earnings per share. The company’s revenue for the quarter was down 3.2% compared to the same quarter last year. On average, research analysts expect that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

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 dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.63%. The ex-dividend date of this dividend was Friday, August 16th. Otis Worldwide’s payout ratio is 45.09%.

Analyst Upgrades and Downgrades

OTIS has been the topic of a number of analyst reports. Morgan Stanley started coverage on Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target on the stock. Wells Fargo & Company cut their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, July 25th. Finally, 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. Seven research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $100.00.

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.