Chicago Capital LLC increased its position in Otis Worldwide Co. (NYSE:OTIS – Free Report) by 2.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 7,393 shares of the company’s stock after purchasing an additional 160 shares during the quarter. Chicago Capital LLC’s holdings in Otis Worldwide were worth $768,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Riverview Trust Co bought a new position in Otis Worldwide in the third quarter worth $25,000. Meeder Asset Management Inc. lifted its position in 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 acquiring an additional 196 shares during the period. Jamison Private Wealth Management Inc. boosted its stake 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 worth $28,000 after acquiring an additional 286 shares in the last quarter. Cranbrook Wealth Management LLC grew its holdings in Otis Worldwide by 675.7% in the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after purchasing an additional 250 shares during the period. Finally, Hantz Financial Services Inc. purchased a new stake in Otis Worldwide in the second quarter worth about $29,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.
Otis Worldwide Price Performance
Otis Worldwide stock opened at $106.01 on Monday. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $106.33. The business’s fifty day moving average is $97.42 and its 200 day moving average is $96.61. The stock has a market capitalization of $42.46 billion, a PE ratio of 29.61 and a beta of 1.03.
Otis Worldwide Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, September 6th. Stockholders 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 dividend yield of 1.47%. Otis Worldwide’s payout ratio is 43.58%.
Wall Street Analysts Forecast Growth
Several equities analysts have recently issued reports on OTIS shares. Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Wells Fargo & Company lifted their price objective on Otis Worldwide from $95.00 to $108.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Barclays increased their target price on Otis Worldwide from $90.00 to $96.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a research report on Thursday, September 19th. Finally, Morgan Stanley assumed 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 objective on the stock. Eight research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $102.71.
View Our Latest Stock Report on OTIS
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.
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