MQS Management LLC Buys New Shares in Otis Worldwide Co. (NYSE:OTIS)

MQS Management LLC acquired a new stake in shares of Otis Worldwide Co. (NYSE:OTIS) in the 2nd quarter, Holdings Channel.com reports. The institutional investor acquired 6,809 shares of the company’s stock, valued at approximately $655,000.

A number of other institutional investors have also recently added to or reduced their stakes in OTIS. Vanguard Group Inc. grew its stake in shares of Otis Worldwide by 14.8% in the fourth 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 in the last quarter. PineStone Asset Management Inc. increased its position in shares of 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 last quarter. Massachusetts Financial Services Co. MA increased its holdings in Otis Worldwide by 12.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock valued at $793,945,000 after buying an additional 907,972 shares during the last quarter. Sarasin & Partners LLP raised its position in shares of Otis Worldwide by 27.2% during the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock valued at $398,061,000 after acquiring an additional 883,659 shares in the last quarter. Finally, Brown Brothers Harriman & Co. lifted its position in shares of Otis Worldwide by 2,782.3% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock worth $78,469,000 after buying an additional 786,897 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

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

Otis Worldwide Trading Down 2.2 %

OTIS opened at $93.99 on Thursday. The stock has a market cap of $38.00 billion, a PE ratio of 27.16 and a beta of 1.03. The stock’s 50 day simple moving average is $94.38 and its 200-day simple moving average is $95.92. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.84.

Otis Worldwide (NYSE:OTIS) last announced 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. The business had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.74 billion. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The firm’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter last year, the company posted $0.92 EPS. Equities analysts forecast that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

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