Border to Coast Pensions Partnership Ltd Acquires 11,218 Shares of Otis Worldwide Co. (NYSE:OTIS)

Border to Coast Pensions Partnership Ltd increased its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 4.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 262,972 shares of the company's stock after buying an additional 11,218 shares during the quarter. Border to Coast Pensions Partnership Ltd owned 0.07% of Otis Worldwide worth $27,254,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Riverview Trust Co acquired a new stake in shares of Otis Worldwide during the third quarter worth approximately $25,000. Meeder Asset Management Inc. increased its holdings in Otis Worldwide by 264.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company's stock valued at $26,000 after purchasing an additional 196 shares in the last quarter. Jamison Private Wealth Management Inc. raised its position in Otis Worldwide by 5,720.0% in the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company's stock valued at $28,000 after purchasing an additional 286 shares during the last quarter. Cranbrook Wealth Management LLC boosted its stake in Otis Worldwide by 675.7% in the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company's stock worth $28,000 after purchasing an additional 250 shares in the last quarter. Finally, Hantz Financial Services Inc. bought a new stake in shares of Otis Worldwide during the second quarter worth $29,000. Institutional investors own 88.03% of the company's stock.

Otis Worldwide Price Performance

OTIS traded down $0.49 during mid-day trading on Monday, hitting $105.52. The stock had a trading volume of 1,090,849 shares, compared to its average volume of 2,112,447. The stock's fifty day simple moving average is $97.69 and its 200-day simple moving average is $96.67. The firm has a market capitalization of $42.66 billion, a price-to-earnings ratio of 30.50 and a beta of 1.03. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $106.33.

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

Otis Worldwide Dividend Announcement

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 $0.39 dividend. The ex-dividend date was Friday, August 16th. This represents a $1.56 annualized dividend and a yield of 1.48%. Otis Worldwide's dividend payout ratio is currently 45.09%.

Wall Street Analysts Forecast Growth

OTIS has been the subject of a number of research reports. Wells Fargo & Company raised their target price on Otis Worldwide from $95.00 to $108.00 and gave the company an "equal weight" rating in a research note on Monday, October 7th. Morgan Stanley started coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They issued an "equal weight" rating and a $97.00 target price for the company. Wolfe Research lowered shares of Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research report on Tuesday, October 8th. Barclays boosted their price objective on shares of Otis Worldwide from $90.00 to $96.00 and gave the stock an "equal weight" rating in a research report on Wednesday, October 2nd. Finally, Royal Bank of Canada reiterated an "outperform" rating and issued a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. Eight research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price 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.