Otis Worldwide Co. (NYSE:OTIS) Shares Bought by Carnegie Investment Counsel

Carnegie Investment Counsel lifted its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 7.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 190,321 shares of the company's stock after acquiring an additional 12,430 shares during the quarter. Carnegie Investment Counsel's holdings in Otis Worldwide were worth $19,782,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. Guinness Asset Management LTD grew its position in Otis Worldwide by 4.6% during the third quarter. Guinness Asset Management LTD now owns 1,850,806 shares of the company's stock valued at $192,389,000 after buying an additional 81,045 shares during the period. Meyer Handelman Co. boosted its stake in shares of Otis Worldwide by 3.2% during the 3rd quarter. Meyer Handelman Co. now owns 106,541 shares of the company's stock worth $11,074,000 after acquiring an additional 3,265 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt grew its position in shares of Otis Worldwide by 254.8% during the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 3,112 shares of the company's stock valued at $323,000 after acquiring an additional 2,235 shares during the period. Steigerwald Gordon & Koch Inc. boosted its position in Otis Worldwide by 2.3% during the third quarter. Steigerwald Gordon & Koch Inc. now owns 154,647 shares of the company's stock worth $16,074,000 after purchasing an additional 3,481 shares in the last quarter. Finally, CWM LLC grew its holdings in Otis Worldwide by 1.0% in the third quarter. CWM LLC now owns 17,727 shares of the company's stock valued at $1,843,000 after purchasing an additional 181 shares during the period. Hedge funds and other institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Up 1.0 %

NYSE:OTIS traded up $1.05 on Friday, hitting $104.03. The stock had a trading volume of 2,408,386 shares, compared to its average volume of 2,120,132. The company has a fifty day moving average price of $96.21 and a two-hundred day moving average price of $96.38. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $105.39. The stock has a market cap of $42.06 billion, a price-to-earnings ratio of 30.07 and a beta of 1.03.

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

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 16th were given a dividend of $0.39 per share. The ex-dividend date was Friday, August 16th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.50%. Otis Worldwide's payout ratio is currently 45.09%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on OTIS. Morgan Stanley started coverage on Otis Worldwide in a research report on Friday, September 6th. They set an "equal weight" rating and a $97.00 target price on the stock. Barclays lifted their price objective on Otis Worldwide from $90.00 to $96.00 and gave the stock an "equal weight" rating in a report on Wednesday, October 2nd. Royal Bank of Canada reissued an "outperform" rating and set a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Wells Fargo & Company upped their target price on shares of Otis Worldwide from $95.00 to $108.00 and gave the stock an "equal weight" rating in a report on Monday, October 7th. Finally, Wolfe Research downgraded shares of Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research note on Tuesday, October 8th. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, Otis Worldwide currently has an average rating of "Hold" and a consensus 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.