Artemis Investment Management LLP Invests $4.74 Million in Otis Worldwide Co. (NYSE:OTIS)

Artemis Investment Management LLP purchased a new stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 45,577 shares of the company's stock, valued at approximately $4,737,000.

Other hedge funds also recently made changes to their positions in the company. Quadrature Capital Ltd grew its position in shares of Otis Worldwide by 49.5% in the 4th quarter. Quadrature Capital Ltd now owns 12,728 shares of the company's stock worth $1,139,000 after buying an additional 4,216 shares during the period. Nomura Holdings Inc. purchased a new stake in Otis Worldwide in the fourth quarter worth about $4,569,000. Putnam Investments LLC boosted its position in shares of Otis Worldwide by 20.1% in the 4th quarter. Putnam Investments LLC now owns 2,409,345 shares of the company's stock worth $215,564,000 after purchasing an additional 403,215 shares in the last quarter. Nebula Research & Development LLC purchased a new stake in shares of Otis Worldwide in the 4th quarter worth approximately $778,000. Finally, V Square Quantitative Management LLC increased its position in Otis Worldwide by 93.5% during the 4th quarter. V Square Quantitative Management LLC now owns 9,617 shares of the company's stock valued at $860,000 after buying an additional 4,647 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Performance

Shares of OTIS stock traded up $0.09 during mid-day trading on Thursday, reaching $102.99. 1,817,895 shares of the company's stock traded hands, compared to its average volume of 2,118,662. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $105.39. The firm has a 50 day moving average price of $95.84 and a two-hundred day moving average price of $96.33. The firm has a market capitalization of $41.64 billion, a PE ratio of 29.79 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings data 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. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.74 billion. During the same period in the previous year, the company posted $0.92 EPS. The firm's revenue was down 3.2% on a year-over-year basis. As a group, equities analysts expect that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm 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 was Friday, August 16th. This represents a $1.56 dividend on an annualized basis and a yield of 1.51%. Otis Worldwide's payout ratio is presently 45.09%.

Analyst Upgrades and Downgrades

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

Otis Worldwide 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.