Prospector Partners LLC Grows Position in Otis Worldwide Co. (NYSE:OTIS)

Prospector Partners LLC boosted its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 0.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 123,925 shares of the company’s stock after buying an additional 780 shares during the period. Otis Worldwide accounts for approximately 1.3% of Prospector Partners LLC’s portfolio, making the stock its 25th biggest holding. Prospector Partners LLC’s holdings in Otis Worldwide were worth $11,929,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. increased its holdings in shares of Otis Worldwide by 264.9% in the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after acquiring an additional 196 shares during the period. Cranbrook Wealth Management LLC increased its stake in Otis Worldwide by 675.7% in the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after purchasing an additional 250 shares during the period. Jamison Private Wealth Management Inc. raised its holdings in shares of Otis Worldwide by 5,720.0% in the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock valued at $28,000 after buying an additional 286 shares during the last quarter. Hantz Financial Services Inc. acquired a new stake in shares of Otis Worldwide during the second quarter worth about $29,000. Finally, LifeSteps Financial Inc. purchased a new position in shares of Otis Worldwide during the first quarter worth about $31,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

OTIS opened at $95.52 on Friday. The business 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 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 P/E ratio of 27.61 and a beta of 1.03.

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

Otis Worldwide Dividend Announcement

The business also recently announced 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. The ex-dividend date was Friday, August 16th. This represents a $1.56 annualized dividend and a yield of 1.63%. Otis Worldwide’s payout ratio is currently 45.09%.

Analyst Upgrades and Downgrades

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

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.