Cyndeo Wealth Partners LLC Boosts Position in Otis Worldwide Co. (NYSE:OTIS)

Cyndeo Wealth Partners LLC boosted its position in Otis Worldwide Co. (NYSE:OTIS) by 11.6% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,838 shares of the company’s stock after purchasing an additional 295 shares during the period. Cyndeo Wealth Partners LLC’s holdings in Otis Worldwide were worth $295,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in OTIS. PineStone Asset Management Inc. increased its holdings in Otis Worldwide by 138.3% during the second quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock valued at $429,717,000 after buying an additional 2,590,780 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake 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 in the last quarter. Sarasin & Partners LLP raised its holdings in Otis Worldwide by 27.2% in the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock worth $398,061,000 after purchasing an additional 883,659 shares during the period. Brown Brothers Harriman & Co. lifted its position in 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 purchasing an additional 786,897 shares in the last quarter. Finally, Swedbank AB bought a new stake in Otis Worldwide during the first quarter valued at about $21,932,000. 88.03% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

OTIS has been the topic of several recent research reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Morgan Stanley initiated coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price on the stock. Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Wells Fargo & Company raised their price objective on shares of Otis Worldwide from $95.00 to $108.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Finally, Barclays upped their target price on shares of Otis Worldwide from $90.00 to $96.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and an average target price of $102.71.

Otis Worldwide Trading Down 0.5 %

NYSE:OTIS opened at $105.52 on Tuesday. The company has a market capitalization of $42.66 billion, a P/E ratio of 30.50 and a beta of 1.03. The business’s 50-day moving average is $97.69 and its 200 day moving average is $96.67. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $106.33.

Otis Worldwide (NYSE:OTIS) last posted its earnings results 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. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.74 billion. During the same period last year, the firm posted $0.92 earnings per share. Otis Worldwide’s revenue for the quarter was down 3.2% compared to the same quarter last year. On average, research analysts forecast that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were given a dividend of $0.39 per share. The ex-dividend date was Friday, August 16th. This represents a $1.56 dividend on an annualized basis and a yield of 1.48%. Otis Worldwide’s dividend payout ratio (DPR) is presently 45.09%.

Otis Worldwide 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.