Sanctuary Advisors LLC Takes Position in Otis Worldwide Co. (NYSE:OTIS)

Sanctuary Advisors LLC purchased a new stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 22,486 shares of the company's stock, valued at approximately $2,073,000.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Otis Worldwide by 14.8% in the 4th quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company's stock valued at $4,095,342,000 after acquiring an additional 5,913,933 shares in the last quarter. PineStone Asset Management Inc. lifted its holdings in 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 buying an additional 2,590,780 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in Otis Worldwide by 12.4% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company's stock valued at $793,945,000 after buying an additional 907,972 shares during the period. Sarasin & Partners LLP grew its stake in shares of Otis Worldwide by 27.2% in the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company's stock worth $398,061,000 after acquiring an additional 883,659 shares in the last quarter. Finally, Brown Brothers Harriman & Co. increased its position 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 acquiring an additional 786,897 shares during the period. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Up 1.7 %

OTIS traded up $1.75 on Wednesday, reaching $102.90. The company had a trading volume of 1,575,514 shares, compared to its average volume of 2,120,205. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $105.39. The stock has a market capitalization of $41.60 billion, a PE ratio of 29.74 and a beta of 1.03. The stock has a 50-day moving average price of $95.67 and a 200-day moving average price of $96.29.

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

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were issued 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 dividend yield of 1.52%. Otis Worldwide's payout ratio is 45.09%.

Analyst Ratings Changes

Several research firms recently commented on OTIS. Royal Bank of Canada reissued an "outperform" rating and set a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. Wells Fargo & Company boosted their price objective on Otis Worldwide from $95.00 to $108.00 and gave the stock an "equal weight" rating in a research report on Monday. Wolfe Research cut shares of Otis Worldwide from an "outperform" rating to a "peer perform" rating in a report on Tuesday. Barclays lifted their price target on shares of Otis Worldwide from $90.00 to $96.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 2nd. 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 price objective on the stock. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Otis Worldwide 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.