37,800 Shares in Otis Worldwide Co. (NYSE:OTIS) Purchased by Granite Bay Wealth Management LLC

Granite Bay Wealth Management LLC bought a new stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 37,800 shares of the company's stock, valued at approximately $3,643,000.

Several other large investors have also recently bought and sold shares of the company. TD Asset Management Inc increased its position in shares of Otis Worldwide by 8.0% during the fourth quarter. TD Asset Management Inc now owns 158,256 shares of the company's stock worth $14,159,000 after acquiring an additional 11,664 shares in the last quarter. Focus Financial Network Inc. ADV bought a new stake in shares of Otis Worldwide during the fourth quarter worth $312,000. Allianz Asset Management GmbH increased its position in shares of Otis Worldwide by 12.1% during the fourth quarter. Allianz Asset Management GmbH now owns 98,480 shares of the company's stock worth $8,811,000 after acquiring an additional 10,652 shares in the last quarter. TFO Wealth Partners LLC increased its position in shares of Otis Worldwide by 10,400.0% during the fourth quarter. TFO Wealth Partners LLC now owns 420 shares of the company's stock worth $38,000 after acquiring an additional 416 shares in the last quarter. Finally, Dorsey & Whitney Trust CO LLC acquired a new position in Otis Worldwide during the fourth quarter worth $212,000. Institutional investors own 88.03% of the company's stock.

Wall Street Analyst Weigh In

OTIS has been the subject of several recent research reports. 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 report on Thursday, July 25th. Royal Bank of Canada restated an "outperform" rating and set a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Finally, Morgan Stanley initiated coverage on shares of Otis Worldwide in a report on Friday, September 6th. They set an "equal weight" rating and a $97.00 target price for the company. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $100.00.

Otis Worldwide Price Performance

OTIS stock traded down $0.17 during trading hours on Tuesday, reaching $103.77. The stock had a trading volume of 2,708,809 shares, compared to its average volume of 2,121,689. The stock has a market capitalization of $41.57 billion, a PE ratio of 29.64 and a beta of 1.03. The stock has a 50-day simple moving average of $94.48 and a 200 day simple moving average of $96.09. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $105.24.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.03 by $0.03. The company had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.74 billion. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. Otis Worldwide's quarterly revenue was down 3.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.92 EPS. On average, sell-side analysts forecast that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently announced 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. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.50%. The ex-dividend date was Friday, August 16th. Otis Worldwide's dividend payout ratio is presently 45.09%.

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.