Otis Worldwide Corporation (NYSE:OTIS) Shares Acquired by Vanguard Group Inc.

Vanguard Group Inc. lifted its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 3.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 46,595,293 shares of the company's stock after acquiring an additional 1,591,450 shares during the period. Vanguard Group Inc. owned 11.81% of Otis Worldwide worth $4,808,634,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Coldstream Capital Management Inc. grew its holdings in shares of Otis Worldwide by 4.2% in the 4th quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company's stock worth $249,000 after acquiring an additional 109 shares during the period. Thurston Springer Miller Herd & Titak Inc. increased its position in shares of Otis Worldwide by 15.3% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 828 shares of the company's stock valued at $85,000 after buying an additional 110 shares in the last quarter. AlTi Global Inc. raised its stake in shares of Otis Worldwide by 4.9% during the 4th quarter. AlTi Global Inc. now owns 2,404 shares of the company's stock worth $223,000 after buying an additional 113 shares during the last quarter. Reynders McVeigh Capital Management LLC raised its stake in shares of Otis Worldwide by 6.9% during the 4th quarter. Reynders McVeigh Capital Management LLC now owns 2,247 shares of the company's stock worth $208,000 after buying an additional 145 shares during the last quarter. Finally, Graypoint LLC boosted its position in shares of Otis Worldwide by 3.4% in the 1st quarter. Graypoint LLC now owns 4,414 shares of the company's stock worth $456,000 after buying an additional 147 shares in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $87.25 on Friday. The stock has a market capitalization of $34.24 billion, a price-to-earnings ratio of 23.08, a PEG ratio of 4.18 and a beta of 0.95. Otis Worldwide Corporation has a one year low of $84.25 and a one year high of $106.83. The company's 50-day simple moving average is $95.07 and its 200-day simple moving average is $96.88.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its earnings results on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, topping analysts' consensus estimates of $1.03 by $0.02. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.73 billion. During the same quarter last year, the business posted $1.06 EPS. Otis Worldwide's quarterly revenue was down .2% compared to the same quarter last year. As a group, research analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Friday, August 15th will be given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Friday, August 15th. Otis Worldwide's dividend payout ratio (DPR) is presently 44.44%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on OTIS. Barclays cut their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research report on Thursday, July 24th. Wolfe Research raised Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research report on Friday, July 25th. Wells Fargo & Company cut their price target on Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating for the company in a report on Thursday, July 24th. Morgan Stanley boosted their price target on Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. Finally, Royal Bank Of Canada lowered their price target on Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, July 28th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $102.50.

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.

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