V Square Quantitative Management LLC Acquires 1,003 Shares of Otis Worldwide Co. (NYSE:OTIS)

V Square Quantitative Management LLC grew its holdings in Otis Worldwide Co. (NYSE:OTIS) by 14.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,769 shares of the company’s stock after purchasing an additional 1,003 shares during the period. V Square Quantitative Management LLC’s holdings in Otis Worldwide were worth $808,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of OTIS. Massachusetts Financial Services Co. MA boosted its holdings in Otis Worldwide by 12.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock worth $793,945,000 after purchasing an additional 907,972 shares during the last quarter. PineStone Asset Management Inc. lifted its holdings in shares of Otis Worldwide by 138.3% during the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock valued at $429,717,000 after buying an additional 2,590,780 shares during the period. Sarasin & Partners LLP boosted its stake in shares of Otis Worldwide by 27.2% in the 2nd 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 during the last quarter. Legal & General Group Plc grew its holdings in shares of Otis Worldwide by 0.4% in the second quarter. Legal & General Group Plc now owns 3,660,401 shares of the company’s stock worth $352,351,000 after acquiring an additional 15,021 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Otis Worldwide by 4.1% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,191,118 shares of the company’s stock valued at $316,782,000 after acquiring an additional 126,684 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $106.01 on Friday. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $106.33. The company’s fifty day moving average price is $97.42 and its 200-day moving average price is $96.63. The company has a market capitalization of $42.46 billion, a price-to-earnings ratio of 29.61 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 EPS for the quarter, beating the consensus estimate 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 business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.74 billion. During the same period in the previous year, the business earned $0.92 earnings per share. The business’s revenue was down 3.2% on a year-over-year basis. Equities research analysts expect that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.47%. The ex-dividend date was Friday, August 16th. Otis Worldwide’s payout ratio is currently 43.58%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on OTIS shares. Wells Fargo & Company boosted their price target 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 began coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price for the company. Barclays upped their target price on shares of Otis Worldwide from $90.00 to $96.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Otis Worldwide has an average rating of “Hold” and an average price target 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.