Threadgill Financial LLC Takes $3.33 Million Position in Otis Worldwide Co. (NYSE:OTIS)

Threadgill Financial LLC purchased a new stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 32,046 shares of the company's stock, valued at approximately $3,331,000. Otis Worldwide makes up 2.0% of Threadgill Financial LLC's holdings, making the stock its 12th largest position.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. grew its stake in 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 buying an additional 5,913,933 shares in the last quarter. PineStone Asset Management Inc. boosted its position in shares of Otis Worldwide by 138.3% during the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company's stock worth $429,717,000 after acquiring an additional 2,590,780 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in Otis Worldwide by 12.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company's stock valued at $793,945,000 after acquiring an additional 907,972 shares during the last quarter. Sarasin & Partners LLP raised its position in Otis Worldwide by 27.2% during the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company's stock valued at $398,061,000 after purchasing an additional 883,659 shares in the last quarter. Finally, Brown Brothers Harriman & Co. lifted its stake in 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.

Otis Worldwide Price Performance

NYSE OTIS traded down $2.88 during trading hours on Tuesday, reaching $101.14. The company's stock had a trading volume of 2,269,135 shares, compared to its average volume of 2,122,928. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $105.39. The stock has a market cap of $40.51 billion, a P/E ratio of 29.18 and a beta of 1.03. The firm has a fifty day simple moving average of $95.52 and a 200-day simple moving average of $96.28.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 EPS for the quarter, topping analysts' consensus estimates of $1.03 by $0.03. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates 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 revenue was down 3.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.92 earnings per share. On average, research analysts expect that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were paid a $0.39 dividend. The ex-dividend date was Friday, August 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.54%. Otis Worldwide's payout ratio is 45.09%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on OTIS shares. Wolfe Research lowered Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research note on Tuesday. Barclays lifted their target price on Otis Worldwide from $90.00 to $96.00 and gave the company an "equal weight" rating in a research report on Wednesday, October 2nd. Morgan Stanley assumed coverage on shares of Otis Worldwide in a report on Friday, September 6th. They issued an "equal weight" rating and a $97.00 target price for the company. Wells Fargo & Company lifted their price target on shares of Otis Worldwide from $95.00 to $108.00 and gave the company an "equal weight" rating in a report on Monday. Finally, Royal Bank of Canada reissued an "outperform" rating and issued a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Otis Worldwide presently has a consensus rating of "Hold" and an average target price of $102.71.

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.