Public Sector Pension Investment Board Boosts Stake in Otis Worldwide Co. (NYSE:OTIS)

Public Sector Pension Investment Board boosted its stake in Otis Worldwide Co. (NYSE:OTIS) by 3.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 198,871 shares of the company’s stock after acquiring an additional 6,259 shares during the period. Public Sector Pension Investment Board’s holdings in Otis Worldwide were worth $19,143,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Meeder Asset Management Inc. boosted its position 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 purchasing an additional 196 shares during the period. Jamison Private Wealth Management Inc. raised its holdings in Otis Worldwide by 5,720.0% during the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after purchasing an additional 286 shares in the last quarter. 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. 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.

Otis Worldwide Stock Down 0.9 %

OTIS opened at $95.52 on Monday. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month 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 stock has a fifty day moving average of $94.23 and a 200-day moving average of $95.93.

Otis Worldwide (NYSE:OTIS) last announced 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. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The business’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same period last year, the company posted $0.92 EPS. On average, analysts expect that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

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

Wall Street Analysts Forecast Growth

OTIS has been the topic of several research reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a research report on Thursday. Wells Fargo & Company dropped their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, July 25th. Finally, Morgan Stanley began coverage on shares of Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price for the company. Seven analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $100.00.

About Otis Worldwide

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.