Delta Asset Management LLC TN grew its holdings in Otis Worldwide Co. (NYSE:OTIS – Free Report) by 3.3% in the second quarter, Holdings Channel reports. The institutional investor owned 72,961 shares of the company’s stock after acquiring an additional 2,364 shares during the quarter. Delta Asset Management LLC TN’s holdings in Otis Worldwide were worth $6,494,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also made changes to their positions in OTIS. Vanguard Group Inc. raised its position in shares of Otis Worldwide by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 39,127,186 shares of the company’s stock worth $3,010,837,000 after purchasing an additional 829,784 shares during the last quarter. Morgan Stanley lifted its position in shares of Otis Worldwide by 5.4% in the fourth quarter. Morgan Stanley now owns 13,210,697 shares of the company’s stock valued at $1,034,530,000 after acquiring an additional 681,992 shares in the last quarter. Norges Bank acquired a new stake in shares of Otis Worldwide in the fourth quarter worth approximately $370,013,000. JPMorgan Chase & Co. increased its position in shares of Otis Worldwide by 4.6% during the first quarter. JPMorgan Chase & Co. now owns 4,512,495 shares of the company’s stock worth $380,855,000 after purchasing an additional 200,482 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in Otis Worldwide by 54.3% in the 1st quarter. Wellington Management Group LLP now owns 4,221,665 shares of the company’s stock valued at $324,857,000 after purchasing an additional 1,484,963 shares during the last quarter. 85.48% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several equities research analysts have issued reports on OTIS shares. Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $92.00 to $82.00 in a research note on Monday, October 9th. Barclays dropped their price objective on shares of Otis Worldwide from $80.00 to $76.00 in a research note on Thursday, September 7th. TheStreet upgraded Otis Worldwide from a “c+” rating to a “b” rating in a report on Wednesday, July 26th. Royal Bank of Canada upped their price target on Otis Worldwide from $96.00 to $100.00 in a research report on Friday, July 28th. Finally, UBS Group initiated coverage on Otis Worldwide in a research report on Tuesday, October 3rd. They set a “neutral” rating and a $87.00 price objective on the stock. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $88.29.
Otis Worldwide Price Performance
Shares of OTIS stock traded up $0.04 during trading on Monday, reaching $84.58. The company’s stock had a trading volume of 221,458 shares, compared to its average volume of 1,853,952. The company has a market capitalization of $34.62 billion, a price-to-earnings ratio of 25.54 and a beta of 0.99. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $91.33. The stock’s 50-day moving average price is $80.09 and its 200 day moving average price is $84.01.
Otis Worldwide (NYSE:OTIS – Get Free Report) last issued its quarterly earnings results on Wednesday, October 25th. The company reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.07. The company had revenue of $3.52 billion for the quarter, compared to the consensus estimate of $3.54 billion. Otis Worldwide had a negative return on equity of 30.00% and a net margin of 9.84%. Otis Worldwide’s revenue was up 5.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.80 EPS. On average, sell-side analysts anticipate that Otis Worldwide Co. will post 3.52 EPS for the current fiscal year.
Otis Worldwide Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 8th. Shareholders of record on Friday, November 17th will be issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date of this dividend is Thursday, November 16th. Otis Worldwide’s dividend payout ratio (DPR) is 41.09%.
About Otis Worldwide
Otis Worldwide Corporation engages in the 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.
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