Bridgewater Associates LP Makes New $3.58 Million Investment in Otis Worldwide Co. (NYSE:OTIS)

Bridgewater Associates LP acquired a new position in shares of Otis Worldwide Co. (NYSE:OTIS) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 43,774 shares of the company’s stock, valued at approximately $3,579,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in OTIS. River Wealth Advisors LLC increased its holdings in shares of Otis Worldwide by 1.7% in the 2nd quarter. River Wealth Advisors LLC now owns 7,138 shares of the company’s stock valued at $584,000 after acquiring an additional 116 shares during the period. NorthRock Partners LLC grew its stake in Otis Worldwide by 4.1% during the 2nd quarter. NorthRock Partners LLC now owns 3,095 shares of the company’s stock worth $253,000 after buying an additional 123 shares during the last quarter. Cpwm LLC grew its stake in Otis Worldwide by 3.7% during the 1st quarter. Cpwm LLC now owns 3,710 shares of the company’s stock worth $254,000 after buying an additional 131 shares during the last quarter. Quadrant Capital Group LLC grew its stake in Otis Worldwide by 5.9% during the 2nd quarter. Quadrant Capital Group LLC now owns 2,341 shares of the company’s stock worth $191,000 after buying an additional 131 shares during the last quarter. Finally, Orion Portfolio Solutions LLC grew its stake in Otis Worldwide by 3.6% during the 2nd quarter. Orion Portfolio Solutions LLC now owns 3,921 shares of the company’s stock worth $321,000 after buying an additional 136 shares during the last quarter. Institutional investors own 82.29% of the company’s stock.

Shares of OTIS stock opened at $81.28 on Thursday. The stock has a market cap of $34.69 billion, a PE ratio of 30.56 and a beta of 0.85. The business has a 50-day simple moving average of $87.88 and a 200-day simple moving average of $82.17. Otis Worldwide Co. has a 52-week low of $58.77 and a 52-week high of $92.84.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Sunday, July 25th. The company reported $0.79 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.08. The business had revenue of $3.70 billion during the quarter, compared to analysts’ expectations of $3.46 billion. Otis Worldwide had a negative return on equity of 37.04% and a net margin of 8.30%. As a group, research analysts expect that Otis Worldwide Co. will post 2.97 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, September 10th. Investors of record on Friday, August 20th were paid a $0.24 dividend. The ex-dividend date was Thursday, August 19th. This represents a $0.96 annualized dividend and a dividend yield of 1.18%. Otis Worldwide’s dividend payout ratio is presently 38.10%.

Several research analysts recently weighed in on the company. Credit Suisse Group boosted their target price on Otis Worldwide from $84.00 to $91.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 27th. Zacks Investment Research cut Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Wednesday, June 30th. Royal Bank of Canada initiated coverage on Otis Worldwide in a research report on Tuesday, July 6th. They set an “outperform” rating and a $95.00 price target for the company. Cowen reaffirmed an “outperform” rating and set a $88.44 price target (down previously from $90.00) on shares of Otis Worldwide in a research report on Tuesday, July 27th. Finally, Argus reaffirmed a “buy” rating and set a $88.44 price target (up previously from $84.00) on shares of Otis Worldwide in a research report on Tuesday, July 27th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and an average price target of $82.49.

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 2,220 shares of the business’s stock in a transaction that occurred on Wednesday, July 28th. The stock was sold at an average price of $87.44, for a total transaction of $194,116.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Fernandez Bernardo Calleja sold 1,597 shares of the company’s stock in a transaction that occurred on Wednesday, July 28th. The shares were sold at an average price of $87.80, for a total value of $140,216.60. The disclosure for this sale can be found here. 0.05% of the stock is owned by insiders.

About Otis Worldwide

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.

Further Reading: QQQ ETF

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Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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