Otis Worldwide Corporation $OTIS Holdings Boosted by Markel Group Inc.

Markel Group Inc. boosted its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 9.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 145,620 shares of the company’s stock after purchasing an additional 12,000 shares during the quarter. Markel Group Inc.’s holdings in Otis Worldwide were worth $9,366,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of OTIS. Orion Capital Management LLC bought a new position in shares of Otis Worldwide in the second quarter valued at $27,000. MidFirst Bank acquired a new position in shares of Otis Worldwide during the second quarter valued at about $28,000. Mowery & Schoenfeld Wealth Management LLC acquired a new position in shares of Otis Worldwide during the second quarter valued at about $28,000. Elevation Wealth Partners LLC grew its holdings in shares of Otis Worldwide by 1,910.0% during the second quarter. Elevation Wealth Partners LLC now owns 402 shares of the company’s stock valued at $29,000 after buying an additional 382 shares during the last quarter. Finally, Addison Advisors LLC bought a new stake in shares of Otis Worldwide during the second quarter worth about $29,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on OTIS shares. Royal Bank Of Canada set a $90.00 target price on shares of Otis Worldwide in a report on Tuesday, July 28th. Evercore reiterated an “outperform” rating and set a $95.00 price target on shares of Otis Worldwide in a research note on Thursday, July 23rd. Sanford C. Bernstein boosted their price objective on Otis Worldwide from $90.00 to $94.00 and gave the stock an “outperform” rating in a report on Thursday, October 29th. Wells Fargo & Company decreased their price objective on Otis Worldwide from $77.00 to $75.00 and set an “underweight” rating for the company in a report on Thursday, October 29th. Finally, Morgan Stanley set a $75.00 price objective on Otis Worldwide in a research note on Monday, August 10th. Four research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and a consensus price target of $91.20.

Otis Worldwide Trading Down 1.9%

Shares of NYSE:OTIS opened at $76.88 on Wednesday. The stock’s fifty day simple moving average is $69.91 and its two-hundred day simple moving average is $76.31. Otis Worldwide Corporation has a 1-year low of $63.58 and a 1-year high of $94.57. The stock has a market cap of $29.27 billion, a PE ratio of 19.13, a price-to-earnings-growth ratio of 2.84 and a beta of 0.87.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, October 28th. The company reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.01 by $0.04. The firm had revenue of $3.91 billion for the quarter, compared to the consensus estimate of $3.85 billion. Otis Worldwide had a net margin of 10.28% and a negative return on equity of 28.45%. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.05 EPS. On average, sell-side analysts forecast that Otis Worldwide Corporation will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be paid a $0.44 dividend. The ex-dividend date is Friday, November 13th. This represents a $1.76 annualized dividend and a dividend yield of 2.3%. Otis Worldwide’s dividend payout ratio (DPR) is presently 43.78%.

Otis Worldwide Profile

Otis Worldwide Corporation (NYSE: OTIS) is a global manufacturer and service provider for the elevator and escalator industry. The company designs, manufactures, installs, modernizes and maintains elevators, escalators and moving walkways for commercial buildings, residential developments, transportation hubs and other infrastructure projects.

Otis provides equipment for new construction as well as maintenance, repair and modernization services for existing systems. Its service operations support equipment from Otis and other manufacturers, helping building owners and operators manage the safety, performance and lifecycle of vertical transportation systems.

The company traces its history to 1853, when Elisha Otis demonstrated a safety device for elevators.