Appian Way Asset Management LP Takes Position in Otis Worldwide Co. (NYSE:OTIS)

Appian Way Asset Management LP purchased a new stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 10,300 shares of the company's stock, valued at approximately $991,000.

A number of other large investors have also recently bought and sold shares of OTIS. Vanguard Group Inc. grew its holdings in shares of Otis Worldwide by 14.8% during the fourth quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company's stock worth $4,095,342,000 after purchasing an additional 5,913,933 shares during the last quarter. PineStone Asset Management Inc. grew its holdings in shares of Otis Worldwide by 138.3% during the second quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company's stock worth $429,717,000 after purchasing an additional 2,590,780 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Otis Worldwide by 12.4% during the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company's stock worth $793,945,000 after purchasing an additional 907,972 shares during the last quarter. Sarasin & Partners LLP grew its holdings in shares of Otis Worldwide by 27.2% during the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company's stock worth $398,061,000 after purchasing an additional 883,659 shares during the last quarter. Finally, Brown Brothers Harriman & Co. grew its holdings in shares of Otis Worldwide by 2,782.3% during the second quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company's stock worth $78,469,000 after purchasing an additional 786,897 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on OTIS. 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 report on Thursday, July 25th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $110.00 price target on shares of Otis Worldwide in a research note on Thursday, September 19th. Finally, Morgan Stanley assumed coverage on Otis Worldwide in a research note on Friday, September 6th. They set an "equal weight" rating and a $97.00 price target on the stock. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $100.00.

Otis Worldwide Stock Performance

NYSE:OTIS traded up $2.68 during mid-day trading on Tuesday, hitting $98.93. The company had a trading volume of 3,807,166 shares, compared to its average volume of 2,096,173. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $100.84. The business's fifty day moving average is $94.16 and its two-hundred day moving average is $95.93. The firm has a market cap of $40.00 billion, a P/E ratio of 28.59 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.03. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The company's quarterly revenue was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.92 earnings per share. Equities analysts forecast that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were paid a $0.39 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $1.56 dividend on an annualized basis and a yield of 1.58%. Otis Worldwide's dividend payout ratio is 45.09%.

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.