Otis Worldwide Co. (NYSE:OTIS) Shares Purchased by Mercer Global Advisors Inc. ADV

Mercer Global Advisors Inc. ADV raised its stake in Otis Worldwide Co. (NYSE:OTIS) by 2.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,432 shares of the company’s stock after acquiring an additional 1,014 shares during the period. Mercer Global Advisors Inc. ADV’s holdings in Otis Worldwide were worth $4,358,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Analyst Upgrades and Downgrades

OTIS has been the subject of a number of recent research reports. Wells Fargo & Company decreased their price objective on 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 Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target for the company. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday. Seven research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $100.00.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $95.52 on Friday. The stock’s 50 day moving average price is $94.23 and its 200 day moving average price is $95.92. The company has a market cap of $38.26 billion, a PE ratio of 27.61 and a beta of 1.03. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $100.84.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.74 billion. During the same period in the prior year, the company posted $0.92 EPS. The business’s revenue for the quarter was down 3.2% on a year-over-year basis. On average, equities research analysts anticipate that Otis Worldwide Co. will post 3.88 EPS for the current fiscal 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 given a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.63%. Otis Worldwide’s payout ratio is 45.09%.

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.