Van ECK Associates Corp Has $5.77 Million Stake in Otis Worldwide Co. (NYSE:OTIS)

Van ECK Associates Corp lowered its holdings in Otis Worldwide Co. (NYSE:OTIS) by 12.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 59,941 shares of the company’s stock after selling 8,316 shares during the quarter. Van ECK Associates Corp’s holdings in Otis Worldwide were worth $5,770,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of OTIS. Jamison Private Wealth Management Inc. lifted its holdings in shares of Otis Worldwide by 5,720.0% in the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock valued at $28,000 after purchasing an additional 286 shares in the last quarter. Hantz Financial Services Inc. purchased a new stake in Otis Worldwide in the 2nd quarter valued at $29,000. LifeSteps Financial Inc. bought a new position in Otis Worldwide during the 1st quarter valued at $31,000. Pacific Capital Wealth Advisors Inc. purchased a new position in Otis Worldwide during the 4th quarter worth $35,000. Finally, Accent Capital Management LLC bought a new stake in shares of Otis Worldwide in the 4th quarter worth $36,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Up 0.4 %

Shares of OTIS stock opened at $95.03 on Wednesday. The firm has a market cap of $38.06 billion, a P/E ratio of 27.47 and a beta of 1.03. The company has a 50 day moving average of $95.04 and a 200-day moving average of $95.94. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $100.84.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (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 business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.74 billion. During the same period last year, the business posted $0.92 earnings per share. The business’s revenue for the quarter was down 3.2% on a year-over-year basis. As a group, equities analysts expect that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 6th. Shareholders of record on Friday, August 16th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, August 16th. This represents a $1.56 dividend on an annualized basis and a yield of 1.64%. Otis Worldwide’s dividend payout ratio is presently 45.09%.

Analysts Set New Price Targets

A number of research firms recently weighed in on OTIS. Wells Fargo & Company dropped their price target 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. Argus lifted their target price on shares of Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and an average target price of $98.83.

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.