Massachusetts Financial Services Co. MA Grows Position in Otis Worldwide Co. (NYSE:OTIS)

Massachusetts Financial Services Co. MA lifted its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 12.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 8,247,918 shares of the company’s stock after purchasing an additional 907,972 shares during the quarter. Massachusetts Financial Services Co. MA owned about 2.04% of Otis Worldwide worth $793,945,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Meeder Asset Management Inc. grew its holdings in shares of Otis Worldwide by 264.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after purchasing an additional 196 shares during the period. Jamison Private Wealth Management Inc. lifted its stake in Otis Worldwide by 5,720.0% during the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after acquiring an additional 286 shares in the last quarter. Hantz Financial Services Inc. acquired a new position in Otis Worldwide during the 2nd quarter worth about $29,000. LifeSteps Financial Inc. acquired a new position in Otis Worldwide during the 1st quarter worth about $31,000. Finally, Versant Capital Management Inc lifted its stake in Otis Worldwide by 125.0% during the 2nd quarter. Versant Capital Management Inc now owns 369 shares of the company’s stock worth $36,000 after acquiring an additional 205 shares in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

OTIS stock opened at $94.18 on Monday. The firm has a market capitalization of $38.08 billion, a P/E ratio of 27.22 and a beta of 1.03. The business’s 50-day moving average is $94.49 and its two-hundred day moving average is $95.93. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.84.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) 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 company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.74 billion. During the same quarter last year, the company earned $0.92 EPS. Otis Worldwide’s revenue for the quarter was down 3.2% compared to the same quarter last year. On average, analysts expect that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.66%. The ex-dividend date of this dividend was Friday, August 16th. Otis Worldwide’s dividend payout ratio (DPR) is presently 45.09%.

Analyst Upgrades and Downgrades

OTIS has been the topic of several research reports. Morgan Stanley initiated coverage on Otis Worldwide in a research note on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price on the stock. Wells Fargo & Company decreased their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 25th. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $98.57.

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.