MQS Management LLC Buys New Shares in Otis Worldwide Co. (NYSE:OTIS)

MQS Management LLC purchased a new position in Otis Worldwide Co. (NYSE:OTIS) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,809 shares of the company’s stock, valued at approximately $655,000.

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

Wall Street Analysts Forecast Growth

OTIS has been the subject of a number of analyst reports. Wells Fargo & Company decreased 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 research report on Thursday, July 25th. Morgan Stanley started coverage on Otis Worldwide in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price on the stock. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $98.57.

Otis Worldwide Price Performance

OTIS stock opened at $93.99 on Thursday. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.84. The business’s 50-day moving average is $94.38 and its two-hundred day moving average is $95.92. The firm has a market capitalization of $38.00 billion, a P/E ratio of 27.16 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 earnings per share (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 company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.74 billion. During the same quarter last year, the company posted $0.92 earnings per share. The business’s quarterly revenue was down 3.2% compared to the same quarter last year. On average, analysts expect that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were paid a dividend of $0.39 per share. The ex-dividend date was Friday, August 16th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.66%. Otis Worldwide’s dividend payout ratio (DPR) is presently 45.09%.

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.