Quarry LP Boosts Stake in Otis Worldwide Co. (NYSE:OTIS)

Quarry LP boosted its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 151.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,001 shares of the company’s stock after buying an additional 1,204 shares during the period. Quarry LP’s holdings in Otis Worldwide were worth $193,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of OTIS. Northwestern Mutual Wealth Management Co. increased its stake in Otis Worldwide by 6.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 60,427 shares of the company’s stock worth $5,817,000 after acquiring an additional 3,474 shares during the last quarter. Creative Planning lifted its position in shares of Otis Worldwide by 3.4% during the second quarter. Creative Planning now owns 155,373 shares of the company’s stock worth $14,956,000 after purchasing an additional 5,067 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in Otis Worldwide during the 2nd quarter worth approximately $3,188,000. Legal & General Group Plc boosted its holdings in Otis Worldwide by 0.4% in the second quarter. Legal & General Group Plc now owns 3,660,401 shares of the company’s stock valued at $352,351,000 after purchasing an additional 15,021 shares during the period. Finally, Mackenzie Financial Corp grew its position in shares of Otis Worldwide by 58.6% during the second quarter. Mackenzie Financial Corp now owns 53,499 shares of the company’s stock worth $5,150,000 after buying an additional 19,760 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on OTIS shares. Morgan Stanley started coverage on Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price on the stock. Royal Bank of Canada restated an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Finally, Wells Fargo & Company cut their target price 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. Seven analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $100.00.

Otis Worldwide Trading Down 0.5 %

Shares of Otis Worldwide stock opened at $103.94 on Tuesday. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $105.24. The stock has a market cap of $41.63 billion, a PE ratio of 30.04 and a beta of 1.03. The company has a 50-day moving average of $94.48 and a two-hundred day moving average of $96.09.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, beating the consensus estimate 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 firm 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 posted $0.92 EPS. The firm’s revenue for the quarter was down 3.2% on a year-over-year basis. On average, sell-side analysts forecast that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 16th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.50%. 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.