Ethic Inc. Purchases 5,672 Shares of Otis Worldwide Co. (NYSE:OTIS)

Ethic Inc. increased its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 78.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,861 shares of the company’s stock after purchasing an additional 5,672 shares during the period. Ethic Inc.’s holdings in Otis Worldwide were worth $1,052,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. TrimTabs Asset Management LLC bought a new stake in Otis Worldwide in the 2nd quarter valued at $1,472,000. Comgest Global Investors S.A.S. increased its holdings in shares of Otis Worldwide by 19.4% in the 1st quarter. Comgest Global Investors S.A.S. now owns 123,200 shares of the company’s stock worth $8,433,000 after buying an additional 20,000 shares during the last quarter. Squarepoint Ops LLC increased its holdings in shares of Otis Worldwide by 81.9% in the 1st quarter. Squarepoint Ops LLC now owns 242,301 shares of the company’s stock worth $16,586,000 after buying an additional 109,092 shares during the last quarter. Rheos Capital Works Inc. increased its holdings in shares of Otis Worldwide by 16.0% in the 2nd quarter. Rheos Capital Works Inc. now owns 217,000 shares of the company’s stock worth $17,744,000 after buying an additional 30,000 shares during the last quarter. Finally, Janus Henderson Group PLC increased its holdings in shares of Otis Worldwide by 85.5% in the 1st quarter. Janus Henderson Group PLC now owns 1,361,084 shares of the company’s stock worth $93,168,000 after buying an additional 627,395 shares during the last quarter. Hedge funds and other institutional investors own 82.29% of the company’s stock.

Otis Worldwide stock opened at $90.36 on Wednesday. The stock has a market cap of $38.56 billion, a price-to-earnings ratio of 33.97 and a beta of 0.85. Otis Worldwide Co. has a 1 year low of $58.04 and a 1 year high of $92.84. The firm has a 50-day moving average of $89.11 and a two-hundred day moving average of $79.72.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Sunday, July 25th. The company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.71 by $0.08. Otis Worldwide had a net margin of 8.30% and a negative return on equity of 37.04%. The business had revenue of $3.70 billion during the quarter, compared to analyst estimates of $3.46 billion. On average, research analysts predict that Otis Worldwide Co. will post 2.97 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, September 10th. Stockholders of record on Friday, August 20th were issued a $0.24 dividend. The ex-dividend date was Thursday, August 19th. This represents a $0.96 annualized dividend and a dividend yield of 1.06%. Otis Worldwide’s dividend payout ratio is currently 38.10%.

In related news, CAO Michael Patrick Ryan sold 2,220 shares of the business’s stock in a transaction that occurred on Wednesday, July 28th. The shares were sold at an average price of $87.44, for a total transaction of $194,116.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Fernandez Bernardo Calleja sold 1,597 shares of the business’s stock in a transaction that occurred on Wednesday, July 28th. The stock was sold at an average price of $87.80, for a total transaction of $140,216.60. The disclosure for this sale can be found here. Insiders own 0.05% of the company’s stock.

A number of research firms have recently weighed in on OTIS. Barclays boosted their target price on shares of Otis Worldwide from $78.00 to $86.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 27th. Credit Suisse Group lifted their price target on shares of Otis Worldwide from $84.00 to $91.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 27th. Royal Bank of Canada initiated coverage on shares of Otis Worldwide in a research note on Tuesday, July 6th. They set an “outperform” rating and a $95.00 price target for the company. Argus reaffirmed a “buy” rating and set a $88.44 price target (up from $84.00) on shares of Otis Worldwide in a research note on Tuesday, July 27th. Finally, Cowen reaffirmed an “outperform” rating and set a $88.44 price target (down from $90.00) on shares of Otis Worldwide in a research note on Tuesday, July 27th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Otis Worldwide presently has an average rating of “Buy” and a consensus price target of $84.10.

About Otis Worldwide

Otis Worldwide Corporation manufactures, installs, and services elevators and escalators in the United States, China, and internationally. The company operates through 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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Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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