Russell Investments Group Ltd. Grows Holdings in Otis Worldwide Corporation (NYSE:OTIS)

Key Points

• Russell Investments Group Ltd. increased its stake in Otis Worldwide Corporation by 1.3%, now holding 1,362,921 shares valued at approximately $140.52 million.
• Total institutional ownership of Otis Worldwide stands at 88.03%, with significant increases from other investors including JPMorgan Chase & Co. and Vanguard Group.
• Otis Worldwide plans to pay a quarterly dividend of $0.42 per share on September 5, representing an annualized yield of 2.0%.

Russell Investments Group Ltd. lifted its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 1.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,362,921 shares of the company's stock after acquiring an additional 17,370 shares during the period. Russell Investments Group Ltd. owned approximately 0.35% of Otis Worldwide worth $140,519,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Coldstream Capital Management Inc. boosted its stake in shares of Otis Worldwide by 4.2% during the fourth 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 in the last quarter. Thurston Springer Miller Herd & Titak Inc. boosted its stake in shares of Otis Worldwide by 15.3% during the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 828 shares of the company's stock valued at $85,000 after purchasing an additional 110 shares in the last quarter. AlTi Global Inc. boosted its stake in shares of Otis Worldwide by 4.9% during the fourth quarter. AlTi Global Inc. now owns 2,404 shares of the company's stock valued at $223,000 after purchasing an additional 113 shares in the last quarter. Reynders McVeigh Capital Management LLC boosted its stake in shares of Otis Worldwide by 6.9% during the fourth quarter. Reynders McVeigh Capital Management LLC now owns 2,247 shares of the company's stock valued at $208,000 after purchasing an additional 145 shares in the last quarter. Finally, Graypoint LLC boosted its stake in shares of Otis Worldwide by 3.4% during the first quarter. Graypoint LLC now owns 4,414 shares of the company's stock valued at $456,000 after purchasing an additional 147 shares in the last quarter. Institutional investors own 88.03% of the company's stock.

Wall Street Analyst Weigh In

OTIS has been the topic of a number of recent research reports. JPMorgan Chase & Co. dropped their price objective on shares of Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating on the stock in a research note on Thursday, July 24th. Deutsche Bank Aktiengesellschaft began coverage on shares of Otis Worldwide in a research note on Monday, July 14th. They issued a "hold" rating and a $109.00 target price for the company. Royal Bank Of Canada lowered their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a research note on Monday, July 28th. Morgan Stanley raised their target price on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. Finally, Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating for the company in a research note on Thursday, July 24th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $102.50.

Otis Worldwide Stock Down 1.8%

Otis Worldwide stock traded down $1.60 during mid-day trading on Thursday, reaching $87.63. 2,524,005 shares of the company's stock were exchanged, compared to its average volume of 2,752,333. The company has a market cap of $34.39 billion, a P/E ratio of 23.18, a P/E/G ratio of 4.23 and a beta of 0.95. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month high of $106.83. The company has a fifty day moving average of $94.49 and a 200-day moving average of $96.65.

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

Otis Worldwide Announces Dividend

The firm also recently disclosed 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 dividend payout ratio is presently 44.44%.

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.