First City Capital Management Inc. Has $231,000 Holdings in Otis Worldwide Co. (NYSE:OTIS)

First City Capital Management Inc. decreased its position in Otis Worldwide Co. (NYSE:OTIS) by 11.1% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 2,400 shares of the company’s stock after selling 300 shares during the period. First City Capital Management Inc.’s holdings in Otis Worldwide were worth $231,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Otis Worldwide by 14.8% in the 4th quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock valued at $4,095,342,000 after buying an additional 5,913,933 shares during the period. PineStone Asset Management Inc. increased its stake in shares of 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 acquiring an additional 2,590,780 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of Otis Worldwide by 12.4% during the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock worth $793,945,000 after acquiring an additional 907,972 shares in the last quarter. Sarasin & Partners LLP boosted its position in Otis Worldwide by 27.2% during the second 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. grew its stake in 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 in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

OTIS has been the subject of a number of recent research reports. Morgan Stanley assumed 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. Wells Fargo & Company cut their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 25th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research note on Thursday. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and a consensus price target of $100.00.

Otis Worldwide Stock Down 0.9 %

Shares of OTIS stock opened at $95.52 on Friday. 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 PE ratio of 27.61 and a beta of 1.03. The business’s 50 day moving average is $94.23 and its two-hundred day moving average is $95.92.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.03. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.74 billion. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The business’s revenue was down 3.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.92 EPS. As a group, equities analysts expect that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm 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 dividend on an annualized basis and a yield of 1.63%. The ex-dividend date was Friday, August 16th. Otis Worldwide’s dividend payout ratio (DPR) is currently 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.