Bridges Investment Management Inc. Raises Stake in Otis Worldwide Co. (NYSE:OTIS)

Bridges Investment Management Inc. increased its position in Otis Worldwide Co. (NYSE:OTIS) by 2.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,690 shares of the company’s stock after buying an additional 300 shares during the period. Bridges Investment Management Inc.’s holdings in Otis Worldwide were worth $1,029,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Canada Pension Plan Investment Board lifted its position in Otis Worldwide by 8.1% during the second quarter. Canada Pension Plan Investment Board now owns 273,972 shares of the company’s stock worth $26,373,000 after buying an additional 20,593 shares during the period. Brighton Jones LLC increased its stake in shares of Otis Worldwide by 5.0% during the 2nd quarter. Brighton Jones LLC now owns 2,580 shares of the company’s stock valued at $248,000 after acquiring an additional 124 shares during the last quarter. MQS Management LLC purchased a new position in shares of Otis Worldwide during the 2nd quarter worth about $655,000. First Eagle Investment Management LLC boosted its position in shares of Otis Worldwide by 61.1% in the second quarter. First Eagle Investment Management LLC now owns 32,304 shares of the company’s stock worth $3,110,000 after acquiring an additional 12,256 shares during the last quarter. Finally, Blair William & Co. IL boosted its position in shares of Otis Worldwide by 64.7% in the second quarter. Blair William & Co. IL now owns 24,544 shares of the company’s stock worth $2,363,000 after acquiring an additional 9,643 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of NYSE OTIS opened at $95.52 on Friday. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $100.84. The company has a market capitalization of $38.26 billion, a price-to-earnings ratio of 27.61 and a beta of 1.03. The business has a 50-day moving average of $94.23 and a 200-day moving average of $95.92.

Otis Worldwide (NYSE:OTIS) last released its quarterly 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 firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations 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 quarterly revenue was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.92 EPS. Research analysts expect that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 16th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.63%. The ex-dividend date of this dividend was Friday, August 16th. Otis Worldwide’s dividend payout ratio (DPR) is 45.09%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. 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 research note on Thursday, July 25th. Royal Bank of Canada restated an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a report on Thursday. Finally, Morgan Stanley initiated coverage on Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price for the company. Seven analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and a consensus price target of $100.00.

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.