Meeder Asset Management Inc. Increases Holdings in Otis Worldwide Co. (NYSE:OTIS)

Meeder Asset Management Inc. grew its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 264.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 270 shares of the company’s stock after purchasing an additional 196 shares during the quarter. Meeder Asset Management Inc.’s holdings in Otis Worldwide were worth $26,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. 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 last quarter. Hantz Financial Services Inc. purchased a new stake in shares of Otis Worldwide during the 2nd quarter valued at $29,000. LifeSteps Financial Inc. purchased a new stake in shares of Otis Worldwide during the 1st quarter valued at $31,000. Accent Capital Management LLC bought a new position in shares of Otis Worldwide during the 4th quarter worth $36,000. Finally, Versant Capital Management Inc grew its stake in shares of Otis Worldwide by 125.0% during the 2nd quarter. Versant Capital Management Inc now owns 369 shares of the company’s stock worth $36,000 after acquiring an additional 205 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently weighed in on OTIS shares. Wells Fargo & Company cut their price target 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. Morgan Stanley started coverage on Otis Worldwide in a research note on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target for the company. Seven 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, the company presently has a consensus rating of “Hold” and a consensus target price of $98.57.

Otis Worldwide Stock Up 1.6 %

Shares of NYSE OTIS opened at $94.18 on Monday. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $100.84. The business has a 50-day simple moving average of $94.49 and a two-hundred day simple moving average of $95.93. The company has a market cap of $38.08 billion, a P/E ratio of 27.22 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, July 24th. The company reported $1.06 EPS for the quarter, topping 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 business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.74 billion. During the same quarter last year, the company earned $0.92 EPS. The firm’s revenue was down 3.2% compared to the same quarter last year. Equities research analysts anticipate that Otis Worldwide Co. will post 3.88 EPS for the current 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 paid a $0.39 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $1.56 annualized dividend and a yield of 1.66%. Otis Worldwide’s dividend payout ratio is currently 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.