Bank of Montreal Can Acquires 2,245 Shares of Otis Worldwide Co. (NYSE:OTIS)

Bank of Montreal Can lifted its holdings in Otis Worldwide Co. (NYSE:OTIS) by 0.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 381,356 shares of the company’s stock after acquiring an additional 2,245 shares during the period. Bank of Montreal Can’s holdings in Otis Worldwide were worth $36,820,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. Meeder Asset Management Inc. grew its position in shares of Otis Worldwide by 264.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after purchasing an additional 196 shares in the last quarter. Jamison Private Wealth Management Inc. raised its position 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 buying an additional 286 shares in the last quarter. Cranbrook Wealth Management LLC boosted its stake in shares of Otis Worldwide by 675.7% in the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after buying an additional 250 shares during the period. Hantz Financial Services Inc. acquired a new stake in Otis Worldwide during the second quarter worth approximately $29,000. Finally, LifeSteps Financial Inc. bought a new position in Otis Worldwide during the 1st quarter worth $31,000. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Trading Up 3.8 %

Shares of NYSE OTIS opened at $103.37 on Friday. The stock has a 50-day moving average price of $94.26 and a two-hundred day moving average price of $96.02. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $103.97. The company has a market cap of $41.40 billion, a price-to-earnings ratio of 29.88 and a beta of 1.03.

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, topping analysts’ consensus estimates 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 business had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.74 billion. During the same period in the prior year, the company earned $0.92 EPS. The firm’s quarterly revenue was down 3.2% compared to the same quarter last year. On average, sell-side analysts predict that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 16th were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $1.56 dividend on an annualized basis and a yield of 1.51%. Otis Worldwide’s dividend payout ratio is currently 45.09%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Wells Fargo & Company reduced their price objective on shares of 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. Finally, 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 target price on the stock. Seven analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and a consensus target price of $100.00.

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.