Vaughan Nelson Investment Management L.P. Reduces Position in Otis Worldwide Co. (NYSE:OTIS)

Vaughan Nelson Investment Management L.P. lowered its position in Otis Worldwide Co. (NYSE:OTIS) by 39.4% in the second quarter, Holdings Channel.com reports. The institutional investor owned 101,998 shares of the company’s stock after selling 66,361 shares during the period. Vaughan Nelson Investment Management L.P.’s holdings in Otis Worldwide were worth $9,819,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. raised its position in Otis Worldwide by 14.8% in the 4th quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock valued at $4,095,342,000 after purchasing an additional 5,913,933 shares during the last quarter. Norges Bank acquired a new stake in shares of Otis Worldwide during the fourth quarter worth about $628,855,000. PineStone Asset Management Inc. grew its holdings in shares of Otis Worldwide by 138.3% during the second quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock worth $429,717,000 after buying an additional 2,590,780 shares during the last quarter. Sarasin & Partners LLP grew its holdings in shares of Otis Worldwide by 11.2% during the first quarter. Sarasin & Partners LLP now owns 3,251,612 shares of the company’s stock worth $322,788,000 after buying an additional 328,539 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Otis Worldwide by 4.1% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,191,118 shares of the company’s stock valued at $316,782,000 after acquiring an additional 126,684 shares during the period. 88.03% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. JPMorgan Chase & Co. lifted their target price on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, April 25th. Wells Fargo & Company dropped their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 25th. Finally, Argus raised their target price on shares of Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and a consensus target price of $98.83.

Otis Worldwide Stock Performance

Shares of NYSE OTIS opened at $92.12 on Monday. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $100.84. The firm has a market capitalization of $36.90 billion, a P/E ratio of 26.62 and a beta of 1.03. The company’s fifty day moving average is $95.76 and its two-hundred day moving average is $95.71.

Otis Worldwide (NYSE:OTIS) last released 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. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.74 billion. During the same quarter in the previous year, the firm earned $0.92 earnings per share. The firm’s revenue was down 3.2% on a year-over-year basis. On average, sell-side analysts forecast that Otis Worldwide Co. will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 6th. Investors of record on Friday, August 16th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date is Friday, August 16th. Otis Worldwide’s dividend payout ratio is currently 45.09%.

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.