O Shaughnessy Asset Management LLC grew its position in Otis Worldwide Co. (NYSE:OTIS) by 38.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,721 shares of the company’s stock after acquiring an additional 478 shares during the period. O Shaughnessy Asset Management LLC’s holdings in Otis Worldwide were worth $141,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Elmwood Wealth Management Inc. bought a new position in shares of Otis Worldwide in the 1st quarter valued at about $25,000. KB Financial Partners LLC acquired a new stake in shares of Otis Worldwide during the 1st quarter worth about $27,000. Heritage Wealth Advisors acquired a new stake in shares of Otis Worldwide during the 2nd quarter worth about $29,000. SRS Capital Advisors Inc. acquired a new stake in shares of Otis Worldwide during the 2nd quarter worth about $34,000. Finally, Aspire Private Capital LLC acquired a new stake in shares of Otis Worldwide during the 1st quarter worth about $38,000. 82.29% of the stock is owned by institutional investors.
In related news, insider Fernandez Bernardo Calleja sold 1,597 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, July 28th. The shares were sold at an average price of $87.80, for a total transaction of $140,216.60. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Michael Patrick Ryan sold 2,220 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, July 28th. The shares were sold at an average price of $87.44, for a total transaction of $194,116.80. The disclosure for this sale can be found here. Insiders own 0.05% of the company’s stock.
Otis Worldwide (NYSE:OTIS) last issued its earnings results on Sunday, July 25th. The company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.71 by $0.08. The company had revenue of $3.70 billion during the quarter, compared to analysts’ expectations of $3.46 billion. Otis Worldwide had a net margin of 8.30% and a negative return on equity of 37.04%. On average, sell-side analysts forecast that Otis Worldwide Co. will post 2.97 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 10th. Stockholders of record on Friday, August 20th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.15%. The ex-dividend date of this dividend was Thursday, August 19th. Otis Worldwide’s payout ratio is presently 38.10%.
OTIS has been the subject of a number of research reports. Zacks Investment Research cut shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Wednesday, June 30th. Credit Suisse Group lifted their price objective on shares of Otis Worldwide from $84.00 to $91.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 27th. Barclays lifted their price objective on shares of Otis Worldwide from $78.00 to $86.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 27th. Royal Bank of Canada began coverage on shares of Otis Worldwide in a research note on Tuesday, July 6th. They issued an “outperform” rating and a $95.00 price objective for the company. Finally, Cowen reiterated an “outperform” rating and issued a $88.44 price objective (down previously from $90.00) on shares of Otis Worldwide in a research note on Tuesday, July 27th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, Otis Worldwide has an average rating of “Buy” and a consensus target price of $84.10.
Otis Worldwide Company 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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