Granite Bay Wealth Management LLC Invests $3.64 Million in Otis Worldwide Co. (NYSE:OTIS)

Granite Bay Wealth Management LLC bought a new stake in shares of Otis Worldwide Co. (NYSE:OTIS) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 37,800 shares of the company’s stock, valued at approximately $3,643,000.

A number of other institutional investors and hedge funds have also made changes to their positions in OTIS. Nordea Investment Management AB increased its stake in shares of Otis Worldwide by 19.6% in the first quarter. Nordea Investment Management AB now owns 463,190 shares of the company’s stock valued at $46,138,000 after purchasing an additional 75,878 shares during the period. First Eagle Investment Management LLC raised its stake in Otis Worldwide by 173.7% during the 1st quarter. First Eagle Investment Management LLC now owns 20,048 shares of the company’s stock valued at $1,990,000 after acquiring an additional 12,722 shares in the last quarter. CIBC Asset Management Inc boosted its position in Otis Worldwide by 29.5% during the 4th quarter. CIBC Asset Management Inc now owns 144,536 shares of the company’s stock worth $12,932,000 after acquiring an additional 32,886 shares during the period. Appian Way Asset Management LP bought a new position in shares of Otis Worldwide in the second quarter worth $991,000. Finally, Cetera Investment Advisers increased its holdings in shares of Otis Worldwide by 259.1% during the first quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock valued at $4,603,000 after purchasing an additional 33,457 shares during the period. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $103.94 on Tuesday. The firm has a market cap of $41.63 billion, a price-to-earnings ratio of 30.04 and a beta of 1.03. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $105.24. The firm’s 50 day moving average price is $94.48 and its two-hundred day moving average price is $96.09.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (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 analyst estimates of $3.74 billion. During the same period in the previous year, the firm earned $0.92 earnings per share. Otis Worldwide’s revenue for the quarter was down 3.2% compared to the same quarter last year. As a group, equities analysts predict that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.50%. The ex-dividend date was Friday, August 16th. Otis Worldwide’s payout ratio is 45.09%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Wells Fargo & Company decreased their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, July 25th. Morgan Stanley began coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective on the stock. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $100.00.

Otis Worldwide 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.