Primecap Management Co. CA Has $174.55 Million Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Primecap Management Co. CA reduced its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 3.8% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,813,291 shares of the company’s stock after selling 71,650 shares during the quarter. Primecap Management Co. CA owned 0.45% of Otis Worldwide worth $174,547,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the business. Norges Bank acquired a new stake in shares of Otis Worldwide in the 4th quarter valued at approximately $628,855,000. Vanguard Group Inc. boosted its position in Otis Worldwide by 14.8% in the fourth quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock valued at $4,095,342,000 after buying an additional 5,913,933 shares in the last quarter. PineStone Asset Management Inc. grew its stake in shares of Otis Worldwide by 138.3% during the second quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock worth $429,717,000 after buying an additional 2,590,780 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of Otis Worldwide by 12.4% during the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock worth $793,945,000 after buying an additional 907,972 shares during the last quarter. Finally, Sarasin & Partners LLP increased its holdings in shares of Otis Worldwide by 27.2% during the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock worth $398,061,000 after buying an additional 883,659 shares in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

OTIS has been the topic of several recent research reports. Wells Fargo & Company cut their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, July 25th. Morgan Stanley assumed coverage on shares of Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective for the company. Seven analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $98.57.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $94.82 on Tuesday. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $100.84. The company has a 50 day simple moving average of $94.44 and a two-hundred day simple moving average of $95.93. The company has a market capitalization of $37.98 billion, a PE ratio of 27.40 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.03. The company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.74 billion. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. Otis Worldwide’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.92 earnings per share. Research analysts predict that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date of this dividend was Friday, August 16th. Otis Worldwide’s dividend payout ratio is 45.09%.

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.