Otis Worldwide Co. (NYSE:OTIS) Shares Bought by Ballentine Partners LLC

Ballentine Partners LLC lifted its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 6.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,757 shares of the company’s stock after acquiring an additional 431 shares during the quarter. Ballentine Partners LLC’s holdings in Otis Worldwide were worth $650,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in OTIS. Norges Bank acquired a new position in shares of Otis Worldwide during the fourth quarter worth about $628,855,000. Vanguard Group Inc. raised its holdings in shares of Otis Worldwide by 14.8% during the 4th quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock valued at $4,095,342,000 after buying an additional 5,913,933 shares during the period. PineStone Asset Management Inc. lifted its position in Otis Worldwide by 138.3% during the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock worth $429,717,000 after acquiring an additional 2,590,780 shares in the last quarter. Sarasin & Partners LLP boosted its holdings in Otis Worldwide by 27.2% in the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock worth $398,061,000 after acquiring an additional 883,659 shares during the period. Finally, Putnam Investments LLC grew its position in Otis Worldwide by 20.1% in the fourth quarter. Putnam Investments LLC now owns 2,409,345 shares of the company’s stock valued at $215,564,000 after acquiring an additional 403,215 shares in the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock opened at $91.67 on Tuesday. The firm’s 50-day simple moving average is $94.78 and its 200-day simple moving average is $95.97. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.84. The firm has a market cap of $37.06 billion, a PE ratio of 26.49 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last issued 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 negative return on equity of 31.65% and a net margin of 10.35%. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.74 billion. During the same period in the prior year, the business earned $0.92 EPS. The firm’s revenue was down 3.2% on a year-over-year basis. On average, equities analysts predict that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were paid a $0.39 dividend. The ex-dividend date was Friday, August 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.70%. Otis Worldwide’s payout ratio is currently 45.09%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on OTIS. Morgan Stanley started coverage on shares of Otis Worldwide in a research report on Friday. They set an “equal weight” rating and a $97.00 target price on the stock. Wells Fargo & Company cut 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 report on Thursday, July 25th. Finally, Argus upped their price objective on shares of Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $98.57.

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.