Meiji Yasuda Asset Management Co Ltd. Acquires 453 Shares of Otis Worldwide Co. (NYSE:OTIS)

Meiji Yasuda Asset Management Co Ltd. raised its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 7.6% during the 2nd quarter, Holdings Channel.com reports. The fund owned 6,411 shares of the company’s stock after purchasing an additional 453 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in Otis Worldwide were worth $617,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in the stock. Cambridge Investment Research Advisors Inc. lifted its position in 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 purchasing an additional 110 shares during the period. Hancock Whitney Corp raised its stake in Otis Worldwide by 4.6% during the 1st 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 lifted its holdings in shares of Otis Worldwide by 4.1% during the 1st quarter. Tritonpoint Wealth LLC now owns 2,869 shares of the company’s stock valued at $285,000 after buying an additional 113 shares during the period. Bleakley Financial Group LLC boosted its stake in shares of Otis Worldwide by 1.2% in the 1st quarter. Bleakley Financial Group LLC now owns 9,726 shares of the company’s stock worth $965,000 after buying an additional 117 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV grew its holdings in shares of Otis Worldwide by 7.1% in the first quarter. Massmutual Trust Co. FSB ADV now owns 1,867 shares of the company’s stock worth $185,000 after acquiring an additional 124 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

OTIS has been the topic of several research reports. Wells Fargo & Company dropped their target price on 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. Royal Bank of Canada restated an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a research report on Thursday. Finally, Morgan Stanley started coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target on the stock. Seven investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and a consensus target price of $100.00.

Otis Worldwide Price Performance

Shares of NYSE OTIS opened at $95.52 on Friday. The stock has a market cap of $38.26 billion, a PE ratio of 27.61 and a beta of 1.03. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.84. The firm has a fifty day moving average price of $94.23 and a 200-day moving average price of $95.92.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.74 billion. During the same quarter in the prior year, the business posted $0.92 EPS. Otis Worldwide’s revenue for the quarter was down 3.2% compared to the same quarter last year. On average, research analysts expect that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were paid a $0.39 dividend. The ex-dividend date was Friday, August 16th. This represents a $1.56 annualized dividend and a yield of 1.63%. Otis Worldwide’s payout ratio is 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.