QRG Capital Management Inc. Purchases 2,958 Shares of Otis Worldwide Co. (NYSE:OTIS)

QRG Capital Management Inc. boosted its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 7.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 40,938 shares of the company’s stock after buying an additional 2,958 shares during the period. QRG Capital Management Inc.’s holdings in Otis Worldwide were worth $4,255,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. increased its position 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 purchasing an additional 2,393 shares during the last quarter. Financial Counselors Inc. bought a new stake in shares of Otis Worldwide in the 1st quarter worth about $212,000. Rehmann Capital Advisory Group purchased a new stake in shares of Otis Worldwide during the 1st quarter valued at about $253,000. Larson Financial Group LLC raised its position in shares of Otis Worldwide by 121.2% during the 1st quarter. Larson Financial Group LLC now owns 3,877 shares of the company’s stock valued at $385,000 after buying an additional 2,124 shares in the last quarter. Finally, Team Hewins LLC bought a new position in shares of Otis Worldwide in the 1st quarter valued at about $220,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Up 0.7 %

Shares of OTIS opened at $100.16 on Wednesday. The firm has a market capitalization of $40.12 billion, a P/E ratio of 24.98 and a beta of 1.04. Otis Worldwide Co. has a 12-month low of $79.44 and a 12-month high of $106.33. The firm has a fifty day moving average price of $99.23 and a 200-day moving average price of $96.94.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.01). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same period last year, the company earned $0.95 EPS. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. Analysts predict that Otis Worldwide Co. will post 3.85 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date is Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on OTIS shares. Barclays reduced their price objective on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Wells Fargo & Company cut their target price on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Royal Bank of Canada restated an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a research report on Thursday, September 19th. Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Finally, 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 target price for the company. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $102.00.

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.