Otis Worldwide Corporation (NYSE:OTIS) Shares Acquired by Rathbones Group PLC

Rathbones Group PLC increased its stake in Otis Worldwide Corporation (NYSE:OTIS) by 5.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 512,694 shares of the company’s stock after buying an additional 28,330 shares during the quarter. Rathbones Group PLC owned about 0.13% of Otis Worldwide worth $52,910,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of OTIS. Renaissance Technologies LLC acquired a new stake in shares of Otis Worldwide in the fourth quarter valued at about $10,409,000. Raymond James Financial Inc. purchased a new position in Otis Worldwide in the fourth quarter valued at about $24,451,000. Sterling Capital Management LLC boosted its holdings in Otis Worldwide by 51.3% in the fourth quarter. Sterling Capital Management LLC now owns 24,286 shares of the company’s stock valued at $2,249,000 after purchasing an additional 8,230 shares during the last quarter. Townsquare Capital LLC boosted its holdings in Otis Worldwide by 34.5% in the fourth quarter. Townsquare Capital LLC now owns 7,026 shares of the company’s stock valued at $651,000 after purchasing an additional 1,801 shares during the last quarter. Finally, Reynders McVeigh Capital Management LLC boosted its holdings in Otis Worldwide by 6.9% in the fourth quarter. Reynders McVeigh Capital Management LLC now owns 2,247 shares of the company’s stock valued at $208,000 after purchasing an additional 145 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Price Performance

OTIS stock opened at $86.06 on Tuesday. Otis Worldwide Corporation has a 1-year low of $84.25 and a 1-year high of $106.83. The firm has a fifty day moving average price of $94.75 and a two-hundred day moving average price of $96.76. The firm has a market cap of $33.78 billion, a price-to-earnings ratio of 22.77, a PEG ratio of 4.20 and a beta of 0.95.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.02. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.73 billion. During the same quarter in the previous year, the firm earned $1.06 earnings per share. The firm’s revenue for the quarter was down .2% compared to the same quarter last year. As a group, analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Friday, August 15th will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Friday, August 15th. Otis Worldwide’s dividend payout ratio is presently 44.44%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on OTIS shares. Wolfe Research raised Otis Worldwide from an “underperform” rating to a “peer perform” rating in a report on Friday, July 25th. Deutsche Bank Aktiengesellschaft started coverage on Otis Worldwide in a report on Monday, July 14th. They issued a “hold” rating and a $109.00 price target for the company. Royal Bank Of Canada reduced their price target on Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating for the company in a report on Monday, July 28th. Morgan Stanley increased their price target on Otis Worldwide from $97.00 to $105.00 and gave the company an “equal weight” rating in a report on Tuesday, July 8th. Finally, JPMorgan Chase & Co. reduced their price target on Otis Worldwide from $109.00 to $101.00 and set an “overweight” rating for the company in a report on Thursday, July 24th. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $102.50.

Otis Worldwide Company 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.