Otis Worldwide Co. (NYSE:OTIS) Stake Decreased by Ensign Peak Advisors Inc

Ensign Peak Advisors Inc reduced its holdings in Otis Worldwide Co. (NYSE:OTIS) by 0.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 243,012 shares of the company’s stock after selling 1,590 shares during the quarter. Ensign Peak Advisors Inc owned 0.06% of Otis Worldwide worth $23,392,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

Several equities analysts have recently issued reports on OTIS shares. Wells Fargo & Company lowered their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 25th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a research report on Thursday. Finally, Morgan Stanley assumed 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. Seven investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Otis Worldwide presently has an average rating of “Hold” and a consensus target price of $100.00.

Otis Worldwide Trading Down 0.9 %

Shares of Otis Worldwide stock opened at $95.52 on Monday. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.84. The company has a market cap of $38.26 billion, a P/E ratio of 27.61 and a beta of 1.03. The stock has a 50-day moving average price of $94.23 and a 200 day moving average price of $95.93.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (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 quarter in the prior year, the firm earned $0.92 EPS. The company’s revenue was down 3.2% compared to the same quarter last year. On average, equities analysts forecast that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were issued a dividend of $0.39 per share. The ex-dividend date was Friday, August 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.63%. Otis Worldwide’s dividend 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.