Meeder Advisory Services Inc. Grows Stake in Otis Worldwide Co. (NYSE:OTIS)

Meeder Advisory Services Inc. lifted its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 44.4% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,883 shares of the company’s stock after acquiring an additional 2,425 shares during the quarter. Meeder Advisory Services Inc.’s holdings in Otis Worldwide were worth $759,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Meeder Asset Management Inc. lifted its position in Otis Worldwide by 264.9% in the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after acquiring an additional 196 shares in the last quarter. Jamison Private Wealth Management Inc. boosted its holdings in Otis Worldwide by 5,720.0% in the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after buying an additional 286 shares during the period. Hantz Financial Services Inc. bought a new stake in Otis Worldwide during the 2nd quarter valued at approximately $29,000. LifeSteps Financial Inc. bought a new stake in shares of Otis Worldwide during the first quarter valued at approximately $31,000. Finally, Accent Capital Management LLC purchased a new stake in Otis Worldwide in the 4th quarter worth $36,000. 88.03% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

OTIS has been the subject of several research reports. Morgan Stanley initiated coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective for the company. Wells Fargo & Company decreased their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, July 25th. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $98.57.

Otis Worldwide Trading Up 1.6 %

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

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

Otis Worldwide Dividend Announcement

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