Otis Worldwide Co. (NYSE:OTIS) Position Increased by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Otis Worldwide Co. (NYSE:OTIS) by 13.7% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 129,478 shares of the company’s stock after buying an additional 15,578 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Otis Worldwide were worth $12,464,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of Otis Worldwide by 14.8% during the fourth quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock valued at $4,095,342,000 after acquiring an additional 5,913,933 shares during the period. Norges Bank acquired a new position in Otis Worldwide during the fourth quarter valued at $628,855,000. PineStone Asset Management Inc. lifted its stake in Otis Worldwide by 138.3% in the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock worth $429,717,000 after acquiring an additional 2,590,780 shares in the last quarter. Sarasin & Partners LLP lifted its stake in Otis Worldwide by 27.2% in the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock worth $398,061,000 after acquiring an additional 883,659 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Otis Worldwide by 4.1% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,191,118 shares of the company’s stock valued at $316,782,000 after purchasing an additional 126,684 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Up 0.4 %

Shares of OTIS stock traded up $0.42 during trading hours on Thursday, reaching $93.83. 1,176,182 shares of the company’s stock were exchanged, compared to its average volume of 2,073,544. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $100.84. The business has a fifty day moving average price of $95.12 and a 200-day moving average price of $95.80. The stock has a market capitalization of $37.94 billion, a P/E ratio of 27.12 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.03. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same period last year, the business earned $0.92 earnings per share. As a group, research analysts expect that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Friday, August 16th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, August 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.66%. Otis Worldwide’s dividend payout ratio (DPR) is currently 45.09%.

Wall Street Analysts Forecast Growth

OTIS has been the topic of a number of research reports. Wells Fargo & Company dropped their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 25th. Argus raised their price target on Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and an average target price of $98.83.

Otis Worldwide Profile

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.