Otis Worldwide Co. (NYSE:OTIS) Stake Raised by Sarasin & Partners LLP

Sarasin & Partners LLP lifted its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 27.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,135,271 shares of the company’s stock after acquiring an additional 883,659 shares during the quarter. Otis Worldwide accounts for approximately 3.5% of Sarasin & Partners LLP’s investment portfolio, making the stock its 7th biggest holding. Sarasin & Partners LLP owned approximately 1.02% of Otis Worldwide worth $398,061,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Cambridge Investment Research Advisors Inc. lifted its stake in Otis Worldwide by 0.3% in the 1st 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 in the last quarter. Hancock Whitney Corp lifted its stake in Otis Worldwide by 4.6% in 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 in the last quarter. Tritonpoint Wealth LLC lifted its stake in Otis Worldwide by 4.1% in 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 in the last quarter. Bleakley Financial Group LLC lifted its stake in Otis Worldwide by 1.2% in the 1st quarter. Bleakley Financial Group LLC now owns 9,726 shares of the company’s stock valued at $965,000 after buying an additional 117 shares in the last quarter. Finally, Private Trust Co. NA lifted its stake in Otis Worldwide by 0.9% in the 1st quarter. Private Trust Co. NA now owns 12,931 shares of the company’s stock valued at $1,284,000 after buying an additional 118 shares in the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Stock Performance

Shares of NYSE OTIS traded down $0.70 during midday trading on Friday, reaching $92.12. 1,674,959 shares of the stock were exchanged, compared to its average volume of 2,568,993. The company has a 50 day simple moving average of $95.76 and a 200 day simple moving average of $95.71. The stock has a market capitalization of $36.90 billion, a P/E ratio of 26.62 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 announced 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. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.74 billion. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The business’s revenue was down 3.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.92 EPS. On average, research analysts expect that Otis Worldwide Co. will post 3.87 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Friday, August 16th will be issued a dividend of $0.39 per share. The ex-dividend date is Friday, August 16th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.69%. Otis Worldwide’s dividend payout ratio is currently 45.09%.

Wall Street Analysts Forecast Growth

OTIS has been the topic of a number of research reports. JPMorgan Chase & Co. raised their price target on shares of Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, April 25th. Argus increased their price objective on shares of Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a report on Monday, May 13th. Finally, Wells Fargo & Company cut their price objective on shares of 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 issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $98.83.

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.