Primecap Management Co. CA Has $186.08 Million Stock Position in Otis Worldwide Corporation (NYSE:OTIS)

Key Points

• Primecap Management Co. CA reduced its stake in Otis Worldwide by 0.4%, selling 6,790 shares, and now holds approximately 1,803,131 shares valued at $186 million.
• Vanguard Group, Northern Trust, Invesco, and other institutional investors have increased their positions in Otis, leading to institutional ownership now at 88.03% of the company's stock.
• Otis Worldwide reported earnings per share of $1.05 for its last quarter, exceeding analyst estimates, but its revenue decreased by 0.2% year-over-year.

Primecap Management Co. CA trimmed its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 0.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,803,131 shares of the company's stock after selling 6,790 shares during the period. Primecap Management Co. CA owned about 0.46% of Otis Worldwide worth $186,083,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in OTIS. Coldstream Capital Management Inc. boosted its stake in Otis Worldwide by 4.2% during the 4th quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company's stock valued at $249,000 after purchasing an additional 109 shares during the period. Thurston Springer Miller Herd & Titak Inc. boosted its position in shares of Otis Worldwide by 15.3% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 828 shares of the company's stock valued at $85,000 after acquiring an additional 110 shares in the last quarter. AlTi Global Inc. raised its holdings in shares of Otis Worldwide by 4.9% in 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 in the last quarter. Reynders McVeigh Capital Management LLC raised its stake in Otis Worldwide by 6.9% during the fourth quarter. Reynders McVeigh Capital Management LLC now owns 2,247 shares of the company's stock worth $208,000 after acquiring an additional 145 shares in the last quarter. Finally, Graypoint LLC grew its stake in Otis Worldwide by 3.4% during the first quarter. Graypoint LLC now owns 4,414 shares of the company's stock worth $456,000 after buying an additional 147 shares during the last quarter. Institutional investors own 88.03% of the company's stock.

Analyst Ratings Changes

OTIS has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft assumed coverage on Otis Worldwide in a research note on Monday, July 14th. They issued a "hold" rating and a $109.00 target price for the company. Morgan Stanley upped 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. Wolfe Research raised shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research report on Friday, July 25th. Barclays dropped their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a report on Thursday, July 24th. Finally, Wells Fargo & Company dropped their target price on Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 24th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat.com, Otis Worldwide has an average rating of "Hold" and a consensus price target of $102.50.

Otis Worldwide Trading Up 0.1%

Shares of OTIS traded up $0.11 during mid-day trading on Friday, reaching $87.44. The company's stock had a trading volume of 3,025,030 shares, compared to its average volume of 3,887,888. Otis Worldwide Corporation has a 1-year low of $84.25 and a 1-year high of $106.83. The stock has a market cap of $34.32 billion, a P/E ratio of 23.13, a PEG ratio of 4.19 and a beta of 0.95. The business has a 50-day simple moving average of $94.92 and a two-hundred day simple moving average of $96.82.

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

Otis Worldwide Dividend Announcement

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

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.