MBB Public Markets I LLC Acquires Shares of 29,990 Otis Worldwide Co. (NYSE:OTIS)

MBB Public Markets I LLC bought a new stake in Otis Worldwide Co. (NYSE:OTIS) during the 2nd quarter, Holdings Channel reports. The firm bought 29,990 shares of the company’s stock, valued at approximately $2,887,000.

A number of other institutional investors have also modified their holdings of OTIS. TD Asset Management Inc raised its holdings in Otis Worldwide by 8.0% during the fourth quarter. TD Asset Management Inc now owns 158,256 shares of the company’s stock worth $14,159,000 after purchasing an additional 11,664 shares in the last quarter. Focus Financial Network Inc. ADV acquired a new position in Otis Worldwide during the 4th quarter worth approximately $312,000. Allianz Asset Management GmbH lifted its holdings in shares of Otis Worldwide by 12.1% in the 4th quarter. Allianz Asset Management GmbH now owns 98,480 shares of the company’s stock valued at $8,811,000 after buying an additional 10,652 shares during the period. TFO Wealth Partners LLC lifted its holdings in shares of Otis Worldwide by 10,400.0% in the 4th quarter. TFO Wealth Partners LLC now owns 420 shares of the company’s stock valued at $38,000 after buying an additional 416 shares during the period. Finally, Dorsey & Whitney Trust CO LLC purchased a new stake in shares of Otis Worldwide in the fourth quarter valued at approximately $212,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

OTIS has been the subject of a number of recent analyst reports. Wells Fargo & Company reduced their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, July 25th. Royal Bank of Canada reissued an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. Finally, Morgan Stanley started coverage on shares of Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price for the company. Seven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $100.00.

Otis Worldwide Stock Performance

OTIS stock opened at $104.43 on Friday. The stock’s 50 day moving average price is $94.39 and its 200 day moving average price is $96.07. The firm has a market cap of $41.83 billion, a P/E ratio of 30.18 and a beta of 1.03. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $105.24.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $1.03 by $0.03. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The firm’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.92 EPS. On average, research analysts predict that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 16th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.49%. The ex-dividend date was Friday, August 16th. Otis Worldwide’s payout ratio is 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.