Public Sector Pension Investment Board Grows Holdings in Otis Worldwide Co. (NYSE:OTIS)

Public Sector Pension Investment Board increased its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 3.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 198,871 shares of the company's stock after purchasing an additional 6,259 shares during the period. Public Sector Pension Investment Board's holdings in Otis Worldwide were worth $19,143,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Wells Fargo & Company MN boosted its stake in shares of Otis Worldwide by 0.8% during the 4th quarter. Wells Fargo & Company MN now owns 626,857 shares of the company's stock worth $56,085,000 after purchasing an additional 4,979 shares during the last quarter. Congress Wealth Management LLC DE purchased a new stake in Otis Worldwide in the 4th quarter worth approximately $215,000. Nomura Asset Management Co. Ltd. raised its holdings in Otis Worldwide by 1.6% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 145,812 shares of the company's stock valued at $13,046,000 after acquiring an additional 2,361 shares during the last quarter. Johnson Financial Group Inc. lifted its stake in shares of Otis Worldwide by 1,454.9% during the 4th quarter. Johnson Financial Group Inc. now owns 2,379 shares of the company's stock worth $213,000 after purchasing an additional 2,226 shares during the period. Finally, Hsbc Holdings PLC boosted its holdings in shares of Otis Worldwide by 25.9% during the fourth quarter. Hsbc Holdings PLC now owns 702,517 shares of the company's stock worth $62,885,000 after purchasing an additional 144,449 shares during the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Trading Up 0.8 %

OTIS traded up $0.73 during trading on Monday, hitting $96.25. 2,595,231 shares of the company's stock were exchanged, compared to its average volume of 2,086,812. The stock has a 50 day moving average price of $94.23 and a 200 day moving average price of $95.94. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.84. The firm has a market cap of $38.92 billion, a P/E ratio of 27.82 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.74 billion. During the same period in the prior year, the firm earned $0.92 EPS. The firm's quarterly revenue was down 3.2% compared to the same quarter last year. Analysts forecast that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were paid a dividend of $0.39 per share. The ex-dividend date was Friday, August 16th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.62%. Otis Worldwide's dividend payout ratio is currently 45.09%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on OTIS shares. Royal Bank of Canada reiterated an "outperform" rating and set a $110.00 target price on shares of Otis Worldwide in a research report on Thursday. Wells Fargo & Company cut their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating on the stock in a report on Thursday, July 25th. Finally, Morgan Stanley initiated coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They issued an "equal weight" rating and a $97.00 target price on the stock. Seven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average 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.