Sanctuary Advisors LLC Invests $2.07 Million in Otis Worldwide Co. (NYSE:OTIS)

Sanctuary Advisors LLC purchased a new position in Otis Worldwide Co. (NYSE:OTIS) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 22,486 shares of the company’s stock, valued at approximately $2,073,000.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Otis Worldwide by 14.8% in the fourth quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock worth $4,095,342,000 after buying an additional 5,913,933 shares during the last quarter. PineStone Asset Management Inc. raised its holdings in Otis Worldwide by 138.3% in the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock worth $429,717,000 after acquiring an additional 2,590,780 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in Otis Worldwide by 12.4% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock valued at $793,945,000 after acquiring an additional 907,972 shares in the last quarter. Sarasin & Partners LLP boosted its stake in Otis Worldwide by 27.2% during the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock valued at $398,061,000 after purchasing an additional 883,659 shares during the last quarter. Finally, Brown Brothers Harriman & Co. increased its holdings in shares of Otis Worldwide by 2,782.3% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock worth $78,469,000 after purchasing an additional 786,897 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Down 2.8 %

OTIS opened at $101.14 on Wednesday. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $105.39. The firm’s 50 day simple moving average is $95.52 and its two-hundred day simple moving average is $96.28. The company has a market capitalization of $40.51 billion, a PE ratio of 29.18 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last released 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. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. Otis Worldwide’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.92 earnings per share. 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 announced a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date was Friday, August 16th. Otis Worldwide’s payout ratio is 45.09%.

Wall Street Analyst Weigh In

OTIS has been the topic of a number of research analyst reports. Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. Barclays boosted their price objective on shares of Otis Worldwide from $90.00 to $96.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Morgan Stanley began coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective on the stock. Finally, Wells Fargo & Company lifted their target price on shares of Otis Worldwide from $95.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Monday. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, Otis Worldwide has an average rating of “Hold” and an average target price of $102.71.

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.