Appian Way Asset Management LP Makes New $991,000 Investment in Otis Worldwide Co. (NYSE:OTIS)

Appian Way Asset Management LP acquired a new stake in shares of Otis Worldwide Co. (NYSE:OTIS) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 10,300 shares of the company’s stock, valued at approximately $991,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Nordea Investment Management AB boosted its position in shares of Otis Worldwide by 19.6% during the first quarter. Nordea Investment Management AB now owns 463,190 shares of the company’s stock worth $46,138,000 after buying an additional 75,878 shares during the period. First Eagle Investment Management LLC grew its holdings in shares of Otis Worldwide by 173.7% in the 1st quarter. First Eagle Investment Management LLC now owns 20,048 shares of the company’s stock valued at $1,990,000 after acquiring an additional 12,722 shares in the last quarter. CIBC Asset Management Inc grew its stake in Otis Worldwide by 29.5% in the fourth quarter. CIBC Asset Management Inc now owns 144,536 shares of the company’s stock valued at $12,932,000 after purchasing an additional 32,886 shares in the last quarter. Cetera Investment Advisers increased its position in shares of Otis Worldwide by 259.1% during the 1st quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock worth $4,603,000 after purchasing an additional 33,457 shares during the last quarter. Finally, Cloverfields Capital Group LP raised its stake in shares of Otis Worldwide by 212.2% during the 4th quarter. Cloverfields Capital Group LP now owns 91,737 shares of the company’s stock worth $8,208,000 after purchasing an additional 62,350 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on OTIS. Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, July 25th. Morgan Stanley started coverage on Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target for the company. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Seven analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $100.00.

Otis Worldwide Price Performance

OTIS stock opened at $96.25 on Tuesday. The business’s fifty day moving average price is $94.23 and its two-hundred day moving average price is $95.94. The stock has a market capitalization of $38.92 billion, a price-to-earnings ratio of 27.82 and a beta of 1.03. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $100.84.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $3.74 billion. During the same quarter in the previous year, the firm posted $0.92 EPS. The business’s revenue for the quarter was down 3.2% compared to the same quarter last year. Research analysts expect 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. Stockholders of record on Friday, August 16th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.62%. 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.