Brown Brothers Harriman & Co. Purchases 786,897 Shares of Otis Worldwide Co. (NYSE:OTIS)

Brown Brothers Harriman & Co. boosted its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 2,782.3% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 815,179 shares of the company’s stock after purchasing an additional 786,897 shares during the period. Brown Brothers Harriman & Co. owned about 0.20% of Otis Worldwide worth $78,469,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. raised its stake in shares of Otis Worldwide by 264.9% in the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after acquiring an additional 196 shares during the last quarter. Jamison Private Wealth Management Inc. raised its position in Otis Worldwide by 5,720.0% in the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock valued at $28,000 after purchasing an additional 286 shares during the last quarter. Hantz Financial Services Inc. acquired a new position in Otis Worldwide in the second quarter worth $29,000. LifeSteps Financial Inc. bought a new stake in shares of Otis Worldwide during the first quarter worth $31,000. Finally, Versant Capital Management Inc increased its stake in shares of Otis Worldwide by 125.0% in the second quarter. Versant Capital Management Inc now owns 369 shares of the company’s stock valued at $36,000 after buying an additional 205 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Wells Fargo & Company reduced their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 25th. 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 on the stock. Seven research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and a consensus price target of $98.57.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $94.18 on Monday. The stock has a market cap of $38.08 billion, a PE ratio of 27.22 and a beta of 1.03. The stock has a 50-day moving average of $94.49 and a 200-day moving average of $95.93. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $100.84.

Otis Worldwide (NYSE:OTIS) last posted its earnings results 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. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.74 billion. During the same period last year, the business posted $0.92 earnings per share. The business’s revenue for the quarter was down 3.2% compared to the same quarter last year. As a group, research analysts anticipate that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.66%. The ex-dividend date was Friday, August 16th. Otis Worldwide’s dividend payout ratio (DPR) is presently 45.09%.

About Otis Worldwide

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.