Massachusetts Financial Services Co. MA Has $739.77 Million Stock Holdings in Otis Worldwide Corporation (NYSE:OTIS)

Massachusetts Financial Services Co. MA cut its holdings in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 5.7% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 7,168,333 shares of the company's stock after selling 437,229 shares during the quarter. Massachusetts Financial Services Co. MA owned about 1.81% of Otis Worldwide worth $739,772,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Proficio Capital Partners LLC bought a new stake in Otis Worldwide in the 4th quarter valued at approximately $193,000. Raymond James Financial Inc. bought a new stake in Otis Worldwide in the 4th quarter valued at approximately $24,451,000. Independent Advisor Alliance lifted its stake in Otis Worldwide by 109.5% in the 4th quarter. Independent Advisor Alliance now owns 4,163 shares of the company's stock valued at $386,000 after acquiring an additional 2,176 shares in the last quarter. Avantax Advisory Services Inc. lifted its stake in Otis Worldwide by 3.7% in the 4th quarter. Avantax Advisory Services Inc. now owns 31,420 shares of the company's stock valued at $2,910,000 after acquiring an additional 1,115 shares in the last quarter. Finally, First Eagle Investment Management LLC lifted its stake in Otis Worldwide by 19.4% in the 4th quarter. First Eagle Investment Management LLC now owns 52,203 shares of the company's stock valued at $4,835,000 after acquiring an additional 8,474 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Price Performance

Otis Worldwide stock traded down $0.68 during mid-day trading on Tuesday, hitting $99.36. 2,333,962 shares of the company's stock traded hands, compared to its average volume of 2,323,153. The firm has a 50 day simple moving average of $97.20 and a two-hundred day simple moving average of $97.08. Otis Worldwide Corporation has a fifty-two week low of $89.70 and a fifty-two week high of $106.83. The stock has a market cap of $39.22 billion, a price-to-earnings ratio of 26.08 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.01. The business had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.41 billion. Otis Worldwide had a negative return on equity of 31.72% and a net margin of 10.83%. The company's quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.88 EPS. On average, research analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 16th were given a $0.42 dividend. The ex-dividend date was Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.69%. This is a boost from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's dividend payout ratio (DPR) is presently 44.09%.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Barclays boosted their target price on Otis Worldwide from $90.00 to $92.00 and gave the company an "underweight" rating in a research note on Wednesday, July 9th. Wells Fargo & Company boosted their target price on Otis Worldwide from $95.00 to $100.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 1st. JPMorgan Chase & Co. upgraded Otis Worldwide from a "neutral" rating to an "overweight" rating and boosted their target price for the company from $101.00 to $109.00 in a research note on Tuesday. Royal Bank Of Canada cut their price objective on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, April 28th. Finally, Morgan Stanley increased their price objective on Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Otis Worldwide has a consensus rating of "Hold" and an average price target of $104.63.

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.