Otis Worldwide Co. (NYSE:OTIS) Stake Raised by HB Wealth Management LLC

HB Wealth Management LLC raised its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 49.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,488 shares of the company’s stock after purchasing an additional 3,479 shares during the period. HB Wealth Management LLC’s holdings in Otis Worldwide were worth $1,010,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

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

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock traded up $1.05 on Thursday, hitting $94.46. The stock had a trading volume of 177,796 shares, compared to its average volume of 2,067,454. The stock has a 50 day moving average of $95.18 and a 200 day moving average of $95.81. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $100.84. The firm has a market capitalization of $38.19 billion, a P/E ratio of 27.00 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.03. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.74 billion. During the same quarter in the prior year, the firm posted $0.92 earnings per share. The firm’s revenue was down 3.2% compared to the same quarter last year. Equities analysts expect that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 6th. Investors of record on Friday, August 16th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date is Friday, August 16th. Otis Worldwide’s dividend payout ratio is currently 45.09%.

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.