Kraematon Investment Advisors Inc. lowered its position in Otis Worldwide Co. (NYSE:OTIS – Free Report) by 6.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,525 shares of the company’s stock after selling 312 shares during the period. Kraematon Investment Advisors Inc.’s holdings in Otis Worldwide were worth $403,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Osaic Holdings Inc. grew its holdings in Otis Worldwide by 16.3% during the second quarter. Osaic Holdings Inc. now owns 130,647 shares of the company’s stock valued at $9,775,000 after purchasing an additional 18,264 shares during the last quarter. Bessemer Group Inc. grew its holdings in Otis Worldwide by 11.5% during the second quarter. Bessemer Group Inc. now owns 12,290 shares of the company’s stock valued at $1,095,000 after purchasing an additional 1,267 shares during the last quarter. Delta Asset Management LLC TN grew its holdings in Otis Worldwide by 3.3% during the second quarter. Delta Asset Management LLC TN now owns 72,961 shares of the company’s stock valued at $6,494,000 after purchasing an additional 2,364 shares during the last quarter. Great West Life Assurance Co. Can grew its holdings in Otis Worldwide by 34.5% during the second quarter. Great West Life Assurance Co. Can now owns 578,885 shares of the company’s stock valued at $51,817,000 after purchasing an additional 148,345 shares during the last quarter. Finally, ProShare Advisors LLC grew its holdings in Otis Worldwide by 0.7% during the second quarter. ProShare Advisors LLC now owns 67,857 shares of the company’s stock valued at $6,040,000 after purchasing an additional 447 shares during the last quarter. Institutional investors and hedge funds own 85.48% of the company’s stock.
Wall Street Analyst Weigh In
Several equities research analysts have recently weighed in on the company. Wells Fargo & Company reduced their price objective on Otis Worldwide from $92.00 to $82.00 in a research report on Monday, October 9th. UBS Group assumed coverage on Otis Worldwide in a research report on Tuesday, October 3rd. They issued a “neutral” rating and a $87.00 price objective for the company. TheStreet raised Otis Worldwide from a “c+” rating to a “b” rating in a research report on Wednesday, July 26th. Barclays reduced their target price on Otis Worldwide from $80.00 to $76.00 in a research report on Thursday, September 7th. Finally, Royal Bank of Canada raised their target price on Otis Worldwide from $96.00 to $100.00 in a research report on Friday, July 28th. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $88.29.
Otis Worldwide Price Performance
Shares of NYSE:OTIS traded up $0.07 during midday trading on Monday, reaching $84.61. The company’s stock had a trading volume of 496,962 shares, compared to its average volume of 1,855,211. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $91.33. The company has a market capitalization of $34.63 billion, a P/E ratio of 25.54 and a beta of 0.99. The business’s fifty day simple moving average is $80.09 and its 200-day simple moving average is $84.01.
Otis Worldwide (NYSE:OTIS – Get Free Report) last announced its quarterly earnings data on Wednesday, October 25th. The company reported $0.95 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.07. The firm had revenue of $3.52 billion during the quarter, compared to analyst estimates of $3.54 billion. Otis Worldwide had a negative return on equity of 30.00% and a net margin of 9.84%. The company’s revenue was up 5.7% on a year-over-year basis. During the same period last year, the company earned $0.80 earnings per share. On average, analysts forecast that Otis Worldwide Co. will post 3.52 earnings per share for the current fiscal year.
Otis Worldwide Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, December 8th. Shareholders of record on Friday, November 17th will be paid a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 1.61%. The ex-dividend date of this dividend is Thursday, November 16th. Otis Worldwide’s payout ratio 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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