Otis Worldwide Co. (NYSE:OTIS) Stake Cut by Holderness Investments Co.

Holderness Investments Co. lessened its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 3.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,786 shares of the company’s stock after selling 225 shares during the quarter. Holderness Investments Co.’s holdings in Otis Worldwide were worth $557,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in OTIS. Vanguard Group Inc. increased its position in Otis Worldwide by 14.8% in the 4th quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock worth $4,095,342,000 after purchasing an additional 5,913,933 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of Otis Worldwide by 12.4% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock valued at $793,945,000 after buying an additional 907,972 shares in the last quarter. PineStone Asset Management Inc. increased its holdings in Otis Worldwide by 138.3% in the second quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock worth $429,717,000 after buying an additional 2,590,780 shares during the last quarter. Sarasin & Partners LLP raised its position in Otis Worldwide by 27.2% during the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock valued at $398,061,000 after acquiring an additional 883,659 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Otis Worldwide by 4.1% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,191,118 shares of the company’s stock valued at $316,782,000 after acquiring an additional 126,684 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Morgan Stanley assumed coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a research report on Thursday. Finally, Wells Fargo & Company reduced their price target 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. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Otis Worldwide presently has an average rating of “Hold” and a consensus price target of $100.00.

Otis Worldwide Stock Performance

Shares of OTIS opened at $95.52 on Friday. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $100.84. The firm has a market capitalization of $38.26 billion, a P/E ratio of 27.61 and a beta of 1.03. The company has a 50-day simple moving average of $94.23 and a 200-day simple moving average of $95.92.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 EPS 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 company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.74 billion. During the same period last year, the firm earned $0.92 EPS. The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. As a group, equities analysts forecast that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were issued a $0.39 dividend. 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 payout ratio is 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.