Mutual of America Capital Management LLC Lowers Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Mutual of America Capital Management LLC lowered its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 4.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 51,011 shares of the company’s stock after selling 2,165 shares during the period. Mutual of America Capital Management LLC’s holdings in Otis Worldwide were worth $4,910,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Cranbrook Wealth Management LLC raised its position in shares of Otis Worldwide by 675.7% in the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after buying an additional 250 shares in the last quarter. Moors & Cabot Inc. raised its holdings in shares of Otis Worldwide by 7.7% in the 2nd quarter. Moors & Cabot Inc. now owns 4,972 shares of the company’s stock valued at $479,000 after acquiring an additional 357 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Otis Worldwide by 4.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,523,091 shares of the company’s stock valued at $242,873,000 after acquiring an additional 101,955 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Otis Worldwide by 12.4% during the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock worth $793,945,000 after purchasing an additional 907,972 shares in the last quarter. Finally, Brown Brothers Harriman & Co. increased its position in shares of Otis Worldwide by 2,782.3% in the second quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock worth $78,469,000 after purchasing an additional 786,897 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on OTIS shares. Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a research note on Thursday. Wells Fargo & Company cut their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, July 25th. Finally, Morgan Stanley initiated coverage on Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target on the stock. Seven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $100.00.

Otis Worldwide Stock Down 0.9 %

NYSE OTIS opened at $95.52 on Friday. The company has a 50-day simple moving average of $94.23 and a two-hundred day simple moving average of $95.92. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $100.84. The firm has a market cap of $38.26 billion, a price-to-earnings ratio of 27.61 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, topping 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 business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.74 billion. During the same period last year, the company earned $0.92 EPS. Otis Worldwide’s revenue for the quarter 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 fiscal year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 16th were issued a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $1.56 dividend on an annualized basis and a yield of 1.63%. Otis Worldwide’s dividend payout ratio is currently 45.09%.

About Otis Worldwide

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.