SG Americas Securities LLC Raises Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

SG Americas Securities LLC boosted its holdings in Otis Worldwide Co. (NYSE:OTIS) by 63.8% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 173,588 shares of the company’s stock after buying an additional 67,602 shares during the quarter. SG Americas Securities LLC’s holdings in Otis Worldwide were worth $18,043,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Cambridge Investment Research Advisors Inc. raised its position in Otis Worldwide by 0.3% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 32,048 shares of the company’s stock worth $3,181,000 after buying an additional 110 shares during the last quarter. Hancock Whitney Corp increased its position in shares of Otis Worldwide by 4.6% during the 1st quarter. Hancock Whitney Corp now owns 2,549 shares of the company’s stock valued at $253,000 after purchasing an additional 111 shares during the last quarter. Bleakley Financial Group LLC increased its position in shares of Otis Worldwide by 1.2% during the 1st quarter. Bleakley Financial Group LLC now owns 9,726 shares of the company’s stock valued at $965,000 after purchasing an additional 117 shares during the last quarter. Massmutual Trust Co. FSB ADV increased its position in shares of Otis Worldwide by 7.1% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 1,867 shares of the company’s stock valued at $185,000 after purchasing an additional 124 shares during the last quarter. Finally, Brighton Jones LLC increased its position in shares of Otis Worldwide by 5.0% during the 2nd quarter. Brighton Jones LLC now owns 2,580 shares of the company’s stock valued at $248,000 after purchasing an additional 124 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Up 0.2 %

Shares of OTIS stock traded up $0.26 during trading hours on Friday, reaching $104.56. 1,505,952 shares of the company’s stock were exchanged, compared to its average volume of 2,125,662. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $105.39. The stock has a market cap of $41.88 billion, a PE ratio of 30.22 and a beta of 1.03. The stock’s fifty day moving average price is $95.08 and its two-hundred day moving average price is $96.24.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.74 billion. During the same period in the prior year, the company earned $0.92 EPS. The firm’s revenue was down 3.2% compared to the same quarter last year. On average, equities analysts expect that Otis Worldwide Co. will post 3.88 EPS 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 issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.49%. The ex-dividend date of this dividend was Friday, August 16th. Otis Worldwide’s payout ratio is currently 45.09%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Wells Fargo & Company reduced their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, July 25th. Barclays increased their target price on shares of Otis Worldwide from $90.00 to $96.00 and gave the stock an “equal weight” rating in a report on Wednesday. Finally, Morgan Stanley started coverage on shares of Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price for the company. Seven investment 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 $100.86.

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.