Gateway Investment Advisers LLC Grows Position in Otis Worldwide Co. (NYSE:OTIS)

Gateway Investment Advisers LLC grew its stake in Otis Worldwide Co. (NYSE:OTISGet Rating) by 4.2% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 48,410 shares of the company’s stock after buying an additional 1,965 shares during the period. Gateway Investment Advisers LLC’s holdings in Otis Worldwide were worth $3,421,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Allied Investment Advisors LLC increased its holdings in Otis Worldwide by 5.0% in the 2nd quarter. Allied Investment Advisors LLC now owns 80,338 shares of the company’s stock worth $5,677,000 after acquiring an additional 3,836 shares in the last quarter. ACG Wealth bought a new position in shares of Otis Worldwide in the second quarter worth approximately $96,000. Allworth Financial LP increased its stake in shares of Otis Worldwide by 7.3% in the second quarter. Allworth Financial LP now owns 2,272 shares of the company’s stock worth $161,000 after purchasing an additional 155 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in shares of Otis Worldwide by 17.2% during the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 29,772 shares of the company’s stock valued at $2,104,000 after purchasing an additional 4,367 shares during the period. Finally, AustralianSuper Pty Ltd lifted its stake in shares of Otis Worldwide by 17.3% during the 2nd quarter. AustralianSuper Pty Ltd now owns 302,936 shares of the company’s stock valued at $21,408,000 after buying an additional 44,581 shares in the last quarter. Institutional investors own 83.16% of the company’s stock.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $65.45 on Friday. The company has a market cap of $27.50 billion, a PE ratio of 22.49 and a beta of 0.91. Otis Worldwide Co. has a 1 year low of $65.36 and a 1 year high of $88.22. The stock’s 50 day simple moving average is $74.68 and its two-hundred day simple moving average is $74.07.

Otis Worldwide (NYSE:OTISGet Rating) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.08. The company had revenue of $3.49 billion for the quarter, compared to analyst estimates of $3.56 billion. Otis Worldwide had a negative return on equity of 32.91% and a net margin of 8.83%. Otis Worldwide’s quarterly revenue was down 5.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.79 EPS. Equities research analysts expect that Otis Worldwide Co. will post 3.2 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Saturday, September 10th. Investors of record on Friday, August 19th were paid a dividend of $0.29 per share. The ex-dividend date was Thursday, August 18th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.77%. Otis Worldwide’s dividend payout ratio is presently 39.86%.

Wall Street Analysts Forecast Growth

OTIS has been the topic of a number of recent analyst reports. BNP Paribas cut Otis Worldwide from an “outperform” rating to a “neutral” rating and decreased their price target for the company from $95.00 to $80.00 in a report on Tuesday, July 5th. Exane BNP Paribas downgraded Otis Worldwide from an “outperform” rating to a “neutral” rating and decreased their target price for the company from $95.00 to $80.00 in a research note on Tuesday, July 5th. Wells Fargo & Company upped their price target on Otis Worldwide from $67.00 to $70.00 and gave the stock an “underweight” rating in a research note on Thursday, July 28th. JPMorgan Chase & Co. downgraded shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $100.00 to $62.00 in a report on Thursday, July 7th. Finally, Credit Suisse Group boosted their target price on Otis Worldwide from $79.00 to $80.00 and gave the stock a “neutral” rating in a research report on Thursday, July 28th. Two analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $77.40.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Nora E. Lafreniere sold 13,576 shares of the firm’s stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $76.54, for a total value of $1,039,107.04. Following the completion of the sale, the executive vice president now owns 12,376 shares of the company’s stock, valued at $947,259.04. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Otis Worldwide news, EVP Nora E. Lafreniere sold 13,576 shares of the stock in a transaction on Friday, July 29th. The stock was sold at an average price of $76.54, for a total value of $1,039,107.04. Following the sale, the executive vice president now owns 12,376 shares in the company, valued at $947,259.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Rahul Ghai sold 2,618 shares of Otis Worldwide stock in a transaction on Monday, August 1st. The stock was sold at an average price of $78.55, for a total value of $205,643.90. Following the sale, the chief financial officer now owns 7,063 shares of the company’s stock, valued at $554,798.65. The disclosure for this sale can be found here. 0.11% of the stock is currently owned by insiders.

Otis Worldwide Company Profile

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Otis Worldwide Corporation manufactures, installs, and services 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.

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Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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