Caprock Group LLC Acquires 2,901 Shares of Otis Worldwide Co. (NYSE:OTIS)

Caprock Group LLC lifted its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 100.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,779 shares of the company’s stock after purchasing an additional 2,901 shares during the quarter. Caprock Group LLC’s holdings in Otis Worldwide were worth $556,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of OTIS. Vanguard Group Inc. raised its holdings in Otis Worldwide by 14.8% during the 4th quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock worth $4,095,342,000 after buying an additional 5,913,933 shares during the period. Norges Bank bought a new stake in Otis Worldwide in the 4th quarter valued at $628,855,000. PineStone Asset Management Inc. boosted its stake in Otis Worldwide by 138.3% in the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock worth $429,717,000 after purchasing an additional 2,590,780 shares during the period. Sarasin & Partners LLP increased its holdings in Otis Worldwide by 27.2% during the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock worth $398,061,000 after purchasing an additional 883,659 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of 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 purchasing an additional 126,684 shares during the period. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $92.49 on Thursday. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $100.84. The firm has a market capitalization of $37.40 billion, a PE ratio of 26.73 and a beta of 1.03. The company’s 50-day moving average is $94.62 and its 200-day moving average is $95.93.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 earnings per share (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 firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.74 billion. During the same quarter in the prior year, the company earned $0.92 earnings per share. The business’s revenue for the quarter was down 3.2% compared to the same quarter last year. As a group, analysts expect that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were issued a $0.39 dividend. The ex-dividend date was Friday, August 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.69%. Otis Worldwide’s dividend payout ratio is currently 45.09%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on OTIS. Wells Fargo & Company decreased their price objective 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. 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 price objective on the stock. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Otis Worldwide presently has an average rating of “Hold” and an average price target of $98.57.

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.