Granite Bay Wealth Management LLC Invests $3.64 Million in Otis Worldwide Co. (NYSE:OTIS)

Granite Bay Wealth Management LLC purchased a new stake in shares of Otis Worldwide Co. (NYSE:OTIS) during the 2nd quarter, Holdings Channel reports. The fund purchased 37,800 shares of the company’s stock, valued at approximately $3,643,000.

Several other hedge funds have also recently bought and sold shares of OTIS. Meeder Asset Management Inc. boosted its stake 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 valued at $26,000 after buying an additional 196 shares during the period. Cranbrook Wealth Management LLC boosted its position in Otis Worldwide by 675.7% during the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after purchasing an additional 250 shares during the last quarter. Jamison Private Wealth Management Inc. boosted its position in Otis Worldwide by 5,720.0% during the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock valued at $28,000 after purchasing an additional 286 shares during the last quarter. Hantz Financial Services Inc. purchased a new position in Otis Worldwide in the second quarter valued at about $29,000. Finally, LifeSteps Financial Inc. acquired a new position in Otis Worldwide in the 1st quarter worth about $31,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Trading Down 0.5 %

Shares of Otis Worldwide stock opened at $103.94 on Tuesday. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $105.24. The firm has a fifty day simple moving average of $94.48 and a 200-day simple moving average of $96.09. The stock has a market capitalization of $41.63 billion, a price-to-earnings ratio of 30.04 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last announced 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. The firm had revenue of $3.60 billion during 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 firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.92 EPS. As a group, research analysts predict that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently announced 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. This represents a $1.56 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date of this dividend was Friday, August 16th. Otis Worldwide’s dividend payout ratio (DPR) is currently 45.09%.

Wall Street Analysts Forecast Growth

OTIS has been the subject of several research reports. Morgan Stanley assumed coverage on Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target for the company. Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Finally, Wells Fargo & Company cut their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, July 25th. Seven analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus 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.