Massachusetts Financial Services Co. MA increased its position in shares of Otis Worldwide Co. (NYSE:OTIS – Free Report) by 12.4% during the second quarter, HoldingsChannel reports. The institutional investor owned 8,247,918 shares of the company’s stock after buying an additional 907,972 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Otis Worldwide were worth $793,945,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. grew its stake in Otis Worldwide by 264.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after buying an additional 196 shares during the last quarter. Jamison Private Wealth Management Inc. grew its stake in Otis Worldwide by 5,720.0% during the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after buying an additional 286 shares during the last quarter. Hantz Financial Services Inc. purchased a new position in Otis Worldwide during the 2nd quarter worth approximately $29,000. LifeSteps Financial Inc. purchased a new position in Otis Worldwide during the 1st quarter worth approximately $31,000. Finally, Versant Capital Management Inc grew its stake in Otis Worldwide by 125.0% during the 2nd quarter. Versant Capital Management Inc now owns 369 shares of the company’s stock worth $36,000 after buying an additional 205 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.
Otis Worldwide Trading Up 1.6 %
Shares of OTIS stock opened at $94.18 on Monday. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $100.84. The company has a market capitalization of $38.08 billion, a P/E ratio of 27.22 and a beta of 1.03. The business’s 50 day moving average is $94.49 and its two-hundred day moving average is $95.93.
Otis Worldwide Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 16th were paid a $0.39 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.66%. Otis Worldwide’s dividend payout ratio (DPR) is presently 45.09%.
Wall Street Analyst Weigh In
A number of research firms recently issued reports on OTIS. Wells Fargo & Company dropped their price target on 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. Morgan Stanley initiated coverage on Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price on the stock. Seven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $98.57.
Get Our Latest Research Report on OTIS
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.
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