Creative Planning Purchases 5,067 Shares of Otis Worldwide Co. (NYSE:OTIS)

Creative Planning increased its holdings in Otis Worldwide Co. (NYSE:OTIS) by 3.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 155,373 shares of the company’s stock after purchasing an additional 5,067 shares during the quarter. Creative Planning’s holdings in Otis Worldwide were worth $14,956,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of OTIS. Vanguard Group Inc. raised its holdings in shares of Otis Worldwide by 14.8% during the fourth quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock valued at $4,095,342,000 after acquiring an additional 5,913,933 shares in the last quarter. PineStone Asset Management Inc. raised its holdings 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 in the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Otis Worldwide by 12.4% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock worth $793,945,000 after purchasing an additional 907,972 shares during the period. Sarasin & Partners LLP boosted its stake 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 purchasing an additional 883,659 shares in the last quarter. Finally, Brown Brothers Harriman & Co. increased its position in shares of Otis Worldwide by 2,782.3% during the second quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock valued at $78,469,000 after buying an additional 786,897 shares during the period. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Down 0.5 %

NYSE:OTIS opened at $103.94 on Tuesday. The stock has a market cap of $41.63 billion, a price-to-earnings ratio of 30.04 and a beta of 1.03. The company’s 50 day moving average price is $94.48 and its 200-day moving average price is $96.09. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $105.24.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 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 company had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.74 billion. During the same period last year, the firm posted $0.92 earnings per share. Otis Worldwide’s revenue was down 3.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 16th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.50%. The ex-dividend date of this dividend was Friday, August 16th. Otis Worldwide’s dividend payout ratio is currently 45.09%.

Wall Street Analysts Forecast Growth

OTIS has been the topic of a number of research analyst reports. Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Wells Fargo & Company reduced their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 25th. Finally, Morgan Stanley began 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 target for the company. Seven investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Otis Worldwide currently has an average rating of “Hold” and a consensus price target 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.