Sarasin & Partners LLP increased its holdings in Otis Worldwide Co. (NYSE:OTIS – Free Report) by 27.2% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 4,135,271 shares of the company’s stock after buying an additional 883,659 shares during the period. Otis Worldwide makes up about 3.5% of Sarasin & Partners LLP’s portfolio, making the stock its 7th largest holding. Sarasin & Partners LLP’s holdings in Otis Worldwide were worth $398,061,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of OTIS. Norges Bank acquired a new position in shares of Otis Worldwide in the 4th quarter valued at about $628,855,000. Vanguard Group Inc. boosted its stake in Otis Worldwide by 14.8% during the 4th 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. PineStone Asset Management Inc. boosted its stake in Otis Worldwide by 138.3% during the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock valued at $429,717,000 after purchasing an additional 2,590,780 shares during the period. Putnam Investments LLC boosted its stake in Otis Worldwide by 20.1% during the 4th quarter. Putnam Investments LLC now owns 2,409,345 shares of the company’s stock valued at $215,564,000 after purchasing an additional 403,215 shares during the period. Finally, Clean Energy Transition LLP acquired a new position in Otis Worldwide during the 4th quarter valued at about $30,337,000. 88.03% of the stock is owned by institutional investors and hedge funds.
Otis Worldwide Stock Performance
Shares of OTIS stock traded down $0.70 during midday trading on Friday, reaching $92.12. 1,674,959 shares of the company were exchanged, compared to its average volume of 2,568,993. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.84. The company has a market cap of $36.90 billion, a P/E ratio of 26.62 and a beta of 1.03. The company’s 50 day moving average price is $95.76 and its two-hundred day moving average price is $95.71.
Otis Worldwide Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 6th. Investors of record on Friday, August 16th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Friday, August 16th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.69%. Otis Worldwide’s payout ratio is currently 45.09%.
Analyst Ratings Changes
A number of research analysts have issued reports on OTIS shares. JPMorgan Chase & Co. boosted their target price on shares of Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, April 25th. Argus boosted their target price on shares of Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Finally, Wells Fargo & Company reduced their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, July 25th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $98.83.
Read Our Latest Research Report on OTIS
Otis Worldwide 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.
See Also
- Five stocks we like better than Otis Worldwide
- Health Care Stocks Explained: Why You Might Want to Invest
- This Small Cap Wealth Management Stock Could Provide Big Returns
- How to Use the MarketBeat Stock Screener
- Bumble’s Valuation Hits an All-Time Low, Can Its Fortunes Change?
- Dividend Screener: How to Evaluate Dividend Stocks Before Buying
- MarketBeat Week in Review – 8/12 – 8/16
Want to see what other hedge funds are holding OTIS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Otis Worldwide Co. (NYSE:OTIS – Free Report).
Receive News & Ratings for Otis Worldwide Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Otis Worldwide and related companies with MarketBeat.com's FREE daily email newsletter.