Mutual of America Capital Management LLC Has $4.91 Million Position in Otis Worldwide Co. (NYSE:OTIS)

Mutual of America Capital Management LLC decreased its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 4.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 51,011 shares of the company’s stock after selling 2,165 shares during the period. Mutual of America Capital Management LLC’s holdings in Otis Worldwide were worth $4,910,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the business. Cranbrook Wealth Management LLC boosted its stake in Otis Worldwide by 675.7% during the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after purchasing an additional 250 shares during the last quarter. Moors & Cabot Inc. lifted its holdings in shares of Otis Worldwide by 7.7% in the second quarter. Moors & Cabot Inc. now owns 4,972 shares of the company’s stock valued at $479,000 after purchasing an additional 357 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Otis Worldwide by 4.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,523,091 shares of the company’s stock worth $242,873,000 after acquiring an additional 101,955 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of Otis Worldwide by 12.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock valued at $793,945,000 after purchasing an additional 907,972 shares during the last quarter. Finally, Brown Brothers Harriman & Co. raised its holdings in shares of Otis Worldwide by 2,782.3% in the second quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock valued at $78,469,000 after purchasing an additional 786,897 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

OTIS has been the subject of a number of recent analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday. 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 for the company. Finally, Wells Fargo & Company dropped their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, July 25th. Seven investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Otis Worldwide has a consensus rating of “Hold” and a consensus target price of $100.00.

Otis Worldwide Trading Down 0.9 %

Otis Worldwide stock opened at $95.52 on Friday. The business’s 50 day simple moving average is $94.23 and its 200 day simple moving average is $95.92. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.84. The company has a market cap of $38.26 billion, a price-to-earnings ratio of 27.61 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share 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 during the quarter, compared to the consensus estimate of $3.74 billion. The firm’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.92 EPS. As a group, equities research analysts forecast that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 6th. Investors 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 dividend yield of 1.63%. The ex-dividend date of this dividend was Friday, August 16th. Otis Worldwide’s payout ratio is currently 45.09%.

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.