Van ECK Associates Corp Grows Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Van ECK Associates Corp increased its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 3,673.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,261,929 shares of the company's stock after purchasing an additional 2,201,988 shares during the period. Van ECK Associates Corp owned approximately 0.56% of Otis Worldwide worth $232,662,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in OTIS. Allspring Global Investments Holdings LLC grew its stake in Otis Worldwide by 145.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 230,052 shares of the company's stock worth $22,837,000 after purchasing an additional 136,324 shares during the period. Norden Group LLC bought a new position in Otis Worldwide in the first quarter worth approximately $1,722,000. Mission Wealth Management LP boosted its holdings in Otis Worldwide by 6.6% in the first quarter. Mission Wealth Management LP now owns 2,457 shares of the company's stock worth $244,000 after acquiring an additional 153 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Otis Worldwide by 3.8% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 65,152 shares of the company's stock worth $6,468,000 after acquiring an additional 2,393 shares in the last quarter. Finally, Fidelis Capital Partners LLC boosted its holdings in Otis Worldwide by 5.8% in the first quarter. Fidelis Capital Partners LLC now owns 3,537 shares of the company's stock worth $351,000 after acquiring an additional 194 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

Otis Worldwide Stock Up 1.3 %

Otis Worldwide stock traded up $1.24 during mid-day trading on Friday, reaching $99.44. 3,060,559 shares of the company's stock were exchanged, compared to its average volume of 1,952,509. The business's fifty day simple moving average is $99.11 and its 200 day simple moving average is $96.91. The firm has a market capitalization of $39.83 billion, a PE ratio of 24.80 and a beta of 1.04. Otis Worldwide Co. has a one year low of $77.51 and a one year high of $106.33.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing analysts' consensus estimates of $0.97 by ($0.01). The business had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The business's revenue was up .7% compared to the same quarter last year. During the same quarter last year, the business posted $0.95 earnings per share. On average, sell-side analysts forecast that Otis Worldwide Co. will post 3.85 earnings per share for the current year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide's dividend payout ratio is currently 38.90%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on OTIS. Wells Fargo & Company cut their price target on Otis Worldwide from $108.00 to $105.00 and set an "equal weight" rating on the stock in a report on Thursday. Morgan Stanley assumed coverage on Otis Worldwide in a report on Friday, September 6th. They issued an "equal weight" rating and a $97.00 target price on the stock. Wolfe Research lowered Otis Worldwide from an "outperform" rating to a "peer perform" rating in a report on Tuesday, October 8th. Royal Bank of Canada restated an "outperform" rating and issued a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Finally, Barclays dropped their target price on Otis Worldwide from $96.00 to $94.00 and set an "equal weight" rating on the stock in a report on Thursday. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $102.00.

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.