Otis Worldwide Co. (NYSE:OTIS) Shares Acquired by Guinness Asset Management LTD

Guinness Asset Management LTD grew its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 4.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,850,806 shares of the company's stock after buying an additional 81,045 shares during the quarter. Otis Worldwide accounts for about 3.6% of Guinness Asset Management LTD's portfolio, making the stock its 18th largest holding. Guinness Asset Management LTD owned about 0.46% of Otis Worldwide worth $192,389,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of OTIS. Meeder Asset Management Inc. increased its stake in Otis Worldwide by 264.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company's stock worth $26,000 after buying an additional 196 shares in the last quarter. Jamison Private Wealth Management Inc. increased its stake in Otis Worldwide by 5,720.0% during the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company's stock worth $28,000 after buying an additional 286 shares in the last quarter. Cranbrook Wealth Management LLC increased its stake in Otis Worldwide by 675.7% during the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company's stock worth $28,000 after buying an additional 250 shares in the last quarter. Hantz Financial Services Inc. purchased a new stake in Otis Worldwide during the 2nd quarter worth approximately $29,000. Finally, Accent Capital Management LLC purchased a new stake in Otis Worldwide during the 4th quarter worth approximately $36,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Otis Worldwide Price Performance

OTIS traded up $1.05 during trading hours on Friday, reaching $104.03. The company's stock had a trading volume of 2,408,386 shares, compared to its average volume of 2,120,132. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $105.39. The stock has a market cap of $41.67 billion, a PE ratio of 29.06 and a beta of 1.03. The business's 50-day moving average is $96.21 and its 200-day moving average is $96.40.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released 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. 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 for the quarter, compared to analysts' expectations of $3.74 billion. During the same period in the prior year, the firm earned $0.92 earnings per share. The firm's revenue was down 3.2% compared to the same quarter last year. Analysts expect that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 6th. Shareholders 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 yield of 1.50%. The ex-dividend date was Friday, August 16th. Otis Worldwide's dividend payout ratio (DPR) is 43.58%.

Analyst Ratings Changes

A number of research firms have recently issued reports on OTIS. 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. Wolfe Research lowered Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research report on Tuesday. Barclays upped their price target 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 began coverage on Otis Worldwide in a research report on Friday, September 6th. They issued an "equal weight" rating and a $97.00 price target for the company. Finally, Wells Fargo & Company upped their price target on Otis Worldwide from $95.00 to $108.00 and gave the company an "equal weight" rating in a research report on Monday, October 7th. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, Otis Worldwide currently has an average rating of "Hold" and an average price target of $102.71.

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.