Banque Cantonale Vaudoise Takes $392,000 Position in Otis Worldwide Co. (NYSE:OTIS)

Banque Cantonale Vaudoise bought a new stake in shares of Otis Worldwide Co. (NYSE:OTIS) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 4,077 shares of the company’s stock, valued at approximately $392,000.

A number of other hedge funds have also recently modified their holdings of the business. Cambridge Investment Research Advisors Inc. grew its stake in shares of Otis Worldwide by 0.3% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 32,048 shares of the company’s stock valued at $3,181,000 after buying an additional 110 shares during the last quarter. Hancock Whitney Corp grew its stake in shares of Otis Worldwide by 4.6% during the first quarter. Hancock Whitney Corp now owns 2,549 shares of the company’s stock valued at $253,000 after buying an additional 111 shares during the last quarter. Tritonpoint Wealth LLC boosted its holdings in shares of Otis Worldwide by 4.1% in the first quarter. Tritonpoint Wealth LLC now owns 2,869 shares of the company’s stock valued at $285,000 after purchasing an additional 113 shares during the period. Bleakley Financial Group LLC boosted its holdings in shares of Otis Worldwide by 1.2% in the first quarter. Bleakley Financial Group LLC now owns 9,726 shares of the company’s stock valued at $965,000 after purchasing an additional 117 shares during the period. Finally, Private Trust Co. NA boosted its holdings in shares of Otis Worldwide by 0.9% in the first quarter. Private Trust Co. NA now owns 12,931 shares of the company’s stock valued at $1,284,000 after purchasing an additional 118 shares during the period. Institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Argus boosted their price target on Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a report on Monday, May 13th. Wells Fargo & Company lowered their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, July 25th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $98.83.

Otis Worldwide Stock Up 0.9 %

Otis Worldwide stock opened at $94.69 on Tuesday. The business has a fifty day moving average of $95.06 and a two-hundred day moving average of $95.91. The firm has a market cap of $37.93 billion, a P/E ratio of 27.37 and a beta of 1.03. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $100.84.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.03. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. Otis Worldwide’s revenue was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.92 earnings per share. Equities analysts expect that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Friday, August 16th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date of this dividend is Friday, August 16th. Otis Worldwide’s payout ratio is presently 45.09%.

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.