Federated Hermes Inc. Buys 116,646 Shares of Otis Worldwide Co. (NYSE:OTIS)

Federated Hermes Inc. raised its stake in Otis Worldwide Co. (NYSE:OTIS) by 32.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 473,024 shares of the company’s stock after buying an additional 116,646 shares during the period. Federated Hermes Inc. owned about 0.12% of Otis Worldwide worth $45,533,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Envestnet Portfolio Solutions Inc. increased its holdings in shares of Otis Worldwide by 8.7% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 18,729 shares of the company’s stock worth $1,676,000 after buying an additional 1,501 shares during the period. Quadrant Capital Group LLC increased its stake in shares of Otis Worldwide by 14.7% in the fourth quarter. Quadrant Capital Group LLC now owns 3,709 shares of the company’s stock worth $332,000 after buying an additional 476 shares during the period. First Eagle Investment Management LLC raised its holdings in Otis Worldwide by 18,684.6% during the 4th quarter. First Eagle Investment Management LLC now owns 7,326 shares of the company’s stock valued at $655,000 after buying an additional 7,287 shares during the last quarter. Norges Bank purchased a new stake in Otis Worldwide during the 4th quarter valued at $628,855,000. Finally, Dynamic Technology Lab Private Ltd bought a new position in Otis Worldwide in the fourth quarter worth $2,577,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on OTIS shares. Wells Fargo & Company reduced their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 25th. Morgan Stanley initiated coverage on shares of Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price for the company. Seven analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $98.57.

Otis Worldwide Stock Performance

Shares of NYSE OTIS opened at $94.18 on Friday. The company has a market cap of $38.08 billion, a PE ratio of 27.22 and a beta of 1.03. The firm’s 50 day moving average price is $94.49 and its 200-day moving average price is $95.93. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $100.84.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, July 24th. The company reported $1.06 EPS for the quarter, beating 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 the consensus estimate of $3.74 billion. During the same period last year, the business posted $0.92 EPS. The company’s revenue was down 3.2% compared to the same quarter last year. On average, analysts forecast that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date of this dividend was Friday, August 16th. Otis Worldwide’s dividend payout ratio (DPR) is 45.09%.

Otis Worldwide 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.