Legal & General Group Plc Acquires 15,021 Shares of Otis Worldwide Co. (NYSE:OTIS)

Legal & General Group Plc increased its position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 0.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,660,401 shares of the company's stock after purchasing an additional 15,021 shares during the period. Legal & General Group Plc owned about 0.91% of Otis Worldwide worth $352,351,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Mackenzie Financial Corp raised its position in Otis Worldwide by 58.6% in the second quarter. Mackenzie Financial Corp now owns 53,499 shares of the company's stock worth $5,150,000 after purchasing an additional 19,760 shares in the last quarter. MBB Public Markets I LLC acquired a new position in shares of Otis Worldwide in the 2nd quarter worth approximately $2,887,000. Deerfield Management Company L.P. Series C bought a new position in shares of Otis Worldwide during the 2nd quarter worth approximately $313,000. APG Asset Management N.V. boosted its stake in Otis Worldwide by 54.6% in the 2nd quarter. APG Asset Management N.V. now owns 216,770 shares of the company's stock valued at $19,469,000 after buying an additional 76,523 shares in the last quarter. Finally, AQR Capital Management LLC grew its position in Otis Worldwide by 17.0% in the second quarter. AQR Capital Management LLC now owns 226,160 shares of the company's stock valued at $21,705,000 after acquiring an additional 32,785 shares during the period. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

OTIS has been the topic of a number of recent analyst reports. Royal Bank of Canada restated an "outperform" rating and issued a $110.00 price target on shares of Otis Worldwide in a research report on Thursday, September 19th. Morgan Stanley began coverage on Otis Worldwide in a report on Friday, September 6th. They issued an "equal weight" rating and a $97.00 target price on the stock. Finally, Wells Fargo & Company decreased their price target on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 25th. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $100.00.

Otis Worldwide Stock Up 1.0 %

NYSE OTIS traded up $1.05 during trading on Friday, reaching $104.43. 3,657,107 shares of the stock traded hands, compared to its average volume of 2,087,422. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $105.24. The firm has a market cap of $41.83 billion, a price-to-earnings ratio of 30.18 and a beta of 1.03. The stock's 50-day moving average price is $94.39 and its 200 day moving average price is $96.05.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, topping 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 for the quarter, compared to analyst estimates of $3.74 billion. During the same period in the previous year, the company posted $0.92 earnings per share. The company's revenue for the quarter was down 3.2% on a year-over-year basis. Analysts anticipate that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 16th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date was Friday, August 16th. Otis Worldwide's payout ratio is presently 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.