BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Has $7.48 Million Holdings in Otis Worldwide Co. (NYSE:OTIS)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 58.4% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 77,657 shares of the company’s stock after acquiring an additional 28,640 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Otis Worldwide were worth $7,475,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in OTIS. Cambridge Investment Research Advisors Inc. raised its holdings in Otis Worldwide by 0.3% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 32,048 shares of the company’s stock worth $3,181,000 after acquiring an additional 110 shares during the period. Hancock Whitney Corp lifted its position in shares of Otis Worldwide by 4.6% during the 1st quarter. Hancock Whitney Corp now owns 2,549 shares of the company’s stock worth $253,000 after purchasing an additional 111 shares during the last quarter. Tritonpoint Wealth LLC lifted its position in shares of Otis Worldwide by 4.1% during the 1st quarter. Tritonpoint Wealth LLC now owns 2,869 shares of the company’s stock worth $285,000 after purchasing an additional 113 shares during the last quarter. Bleakley Financial Group LLC grew its holdings in Otis Worldwide by 1.2% in the 1st quarter. Bleakley Financial Group LLC now owns 9,726 shares of the company’s stock valued at $965,000 after buying an additional 117 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV grew its holdings in Otis Worldwide by 7.1% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 1,867 shares of the company’s stock valued at $185,000 after buying an additional 124 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock opened at $99.54 on Thursday. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $100.84. The firm has a market cap of $39.87 billion, a P/E ratio of 28.77 and a beta of 1.03. The firm’s 50-day simple moving average is $94.16 and its 200-day simple moving average is $95.97.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The company’s quarterly revenue was down 3.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.92 earnings per share. On average, equities analysts forecast that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were paid a $0.39 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.57%. Otis Worldwide’s dividend payout ratio is presently 45.09%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on OTIS. Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. Morgan Stanley assumed coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target on the stock. Finally, Wells Fargo & Company cut 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 research report on Thursday, July 25th. Seven analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $100.00.

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.