Otis Worldwide Co. (NYSE:OTIS) Stock Position Lifted by Brighton Jones LLC

Brighton Jones LLC boosted its stake in Otis Worldwide Co. (NYSE:OTIS) by 5.0% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,580 shares of the company’s stock after buying an additional 124 shares during the quarter. Brighton Jones LLC’s holdings in Otis Worldwide were worth $248,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. raised its holdings in shares of Otis Worldwide by 264.9% during the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after acquiring an additional 196 shares in the last quarter. Jamison Private Wealth Management Inc. raised its stake 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 worth $28,000 after purchasing an additional 286 shares in the last quarter. Cranbrook Wealth Management LLC lifted its holdings in shares of 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 buying an additional 250 shares during the last quarter. Hantz Financial Services Inc. bought a new stake in shares of Otis Worldwide in the 2nd quarter valued at approximately $29,000. Finally, LifeSteps Financial Inc. acquired a new position in Otis Worldwide in the first quarter worth approximately $31,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on OTIS. Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research report on Thursday. Morgan Stanley started coverage on shares of Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective for the company. Finally, Wells Fargo & Company cut their target price 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $100.00.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $95.52 on Monday. The stock has a market cap of $38.26 billion, a P/E ratio of 27.61 and a beta of 1.03. The stock has a fifty day moving average price of $94.23 and a 200 day moving average price of $95.93. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $100.84.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results 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 net margin of 10.35% and a negative return on equity of 31.65%. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.74 billion. During the same quarter in the prior year, the business posted $0.92 earnings per share. The company’s quarterly 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 firm also recently announced a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were issued a $0.39 dividend. This represents a $1.56 annualized dividend 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.