Cloverfields Capital Group LP Buys 149 Shares of Otis Worldwide Co. (NYSE:OTIS)

Cloverfields Capital Group LP grew its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 1.3% during the second quarter, Holdings Channel reports. The institutional investor owned 11,589 shares of the company’s stock after purchasing an additional 149 shares during the quarter. Cloverfields Capital Group LP’s holdings in Otis Worldwide were worth $948,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of OTIS. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Otis Worldwide by 8.0% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 31,752 shares of the company’s stock worth $2,173,000 after purchasing an additional 2,354 shares during the period. Lincoln National Corp lifted its holdings in Otis Worldwide by 4.4% in the first quarter. Lincoln National Corp now owns 4,518 shares of the company’s stock worth $309,000 after buying an additional 190 shares during the period. Bank Julius Baer & Co. Ltd Zurich lifted its holdings in Otis Worldwide by 105.2% in the first quarter. Bank Julius Baer & Co. Ltd Zurich now owns 14,581 shares of the company’s stock worth $998,000 after buying an additional 7,475 shares during the period. GSA Capital Partners LLP lifted its holdings in Otis Worldwide by 62.3% in the first quarter. GSA Capital Partners LLP now owns 7,139 shares of the company’s stock worth $489,000 after buying an additional 2,739 shares during the period. Finally, Rafferty Asset Management LLC lifted its holdings in Otis Worldwide by 100.1% in the first quarter. Rafferty Asset Management LLC now owns 7,042 shares of the company’s stock worth $482,000 after buying an additional 3,523 shares during the period. Institutional investors own 82.29% of the company’s stock.

OTIS has been the subject of several research analyst reports. Zacks Investment Research lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a report on Wednesday, June 30th. Credit Suisse Group raised their target price on shares of Otis Worldwide from $84.00 to $91.00 and gave the company a “neutral” rating in a research note on Tuesday, July 27th. Barclays raised their target price on shares of Otis Worldwide from $78.00 to $86.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 27th. Argus reaffirmed a “buy” rating and set a $88.44 target price (up previously 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 target price (down previously from $90.00) on shares of Otis Worldwide in a research note on Tuesday, July 27th. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Otis Worldwide currently has a consensus rating of “Buy” and an average target price of $84.10.

In other news, CAO Michael Patrick Ryan sold 2,220 shares of Otis Worldwide stock in a transaction on Wednesday, July 28th. The shares were sold at an average price of $87.44, for a total transaction of $194,116.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Fernandez Bernardo Calleja sold 1,597 shares of Otis Worldwide stock in a transaction 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.

Shares of OTIS opened at $84.86 on Monday. The company has a market capitalization of $36.22 billion, a P/E ratio of 31.90 and a beta of 0.85. The firm has a 50 day moving average of $89.31 and a 200 day moving average of $80.86. Otis Worldwide Co. has a twelve month low of $58.77 and a twelve month high of $92.84.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Sunday, July 25th. The company reported $0.79 earnings per share for the quarter, beating the Thomson Reuters’ 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 company had revenue of $3.70 billion during the quarter, compared to the consensus estimate of $3.46 billion. As a group, equities analysts predict that Otis Worldwide Co. will post 2.97 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, September 10th. Shareholders of record on Friday, August 20th were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 1.13%. The ex-dividend date of this dividend was Thursday, August 19th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.10%.

Otis Worldwide Profile

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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