AlTi Global Inc. Lowers Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

AlTi Global Inc. cut its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 6.2% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,229 shares of the company’s stock after selling 215 shares during the period. AlTi Global Inc.’s holdings in Otis Worldwide were worth $311,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in OTIS. Vanguard Group Inc. increased its holdings in shares of Otis Worldwide by 14.8% in the fourth quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock valued at $4,095,342,000 after purchasing an additional 5,913,933 shares during the period. Massachusetts Financial Services Co. MA grew its position in Otis Worldwide by 12.4% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock valued at $793,945,000 after buying an additional 907,972 shares during the last quarter. PineStone Asset Management Inc. increased its stake in Otis Worldwide by 138.3% in the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock valued at $429,717,000 after buying an additional 2,590,780 shares during the period. Sarasin & Partners LLP raised its position in Otis Worldwide by 27.2% during the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock worth $398,061,000 after buying an additional 883,659 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Otis Worldwide by 4.1% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,191,118 shares of the company’s stock worth $316,782,000 after acquiring an additional 126,684 shares during the period. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Price Performance

OTIS opened at $103.37 on Friday. The stock’s 50 day simple moving average is $94.26 and its 200 day simple moving average is $96.02. The stock has a market cap of $41.40 billion, a P/E ratio of 29.88 and a beta of 1.03. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $103.97.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The business had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.74 billion. During the same quarter last year, the business posted $0.92 earnings per share. The business’s revenue for the quarter was down 3.2% on a year-over-year basis. Research analysts expect that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were given a $0.39 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.51%. Otis Worldwide’s dividend payout ratio is presently 45.09%.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Wells Fargo & Company cut their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, July 25th. Royal Bank of Canada reissued an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. Finally, 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 price target on the stock. Seven investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $100.00.

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.