Otis Worldwide Co. (NYSE:OTIS) Shares Acquired by Van ECK Associates Corp

Van ECK Associates Corp grew its stake in Otis Worldwide Co. (NYSE:OTIS) by 3,673.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,261,929 shares of the company’s stock after purchasing an additional 2,201,988 shares during the quarter. Van ECK Associates Corp’s holdings in Otis Worldwide were worth $232,662,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of OTIS. Hancock Whitney Corp raised its stake in Otis Worldwide by 4.6% during the first quarter. Hancock Whitney Corp now owns 2,549 shares of the company’s stock worth $253,000 after acquiring an additional 111 shares during the period. Bleakley Financial Group LLC raised its stake in Otis Worldwide by 1.2% during the first quarter. Bleakley Financial Group LLC now owns 9,726 shares of the company’s stock worth $965,000 after acquiring an additional 117 shares during the period. Optas LLC raised its stake in Otis Worldwide by 2.2% during the third quarter. Optas LLC now owns 5,522 shares of the company’s stock worth $574,000 after acquiring an additional 118 shares during the period. Brighton Jones LLC raised its stake in Otis Worldwide by 5.0% during the second quarter. Brighton Jones LLC now owns 2,580 shares of the company’s stock worth $248,000 after acquiring an additional 124 shares during the period. Finally, Park Avenue Securities LLC raised its stake in Otis Worldwide by 0.9% during the second quarter. Park Avenue Securities LLC now owns 14,931 shares of the company’s stock worth $1,437,000 after acquiring an additional 127 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Ratings Changes

OTIS has been the topic of several analyst reports. Wells Fargo & Company dropped their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Thursday. Barclays dropped their price target on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a research note on Thursday. Morgan Stanley initiated coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a research note on Thursday, September 19th. Finally, Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $102.00.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock traded up $1.24 on Friday, hitting $99.44. The company had a trading volume of 3,060,559 shares, compared to its average volume of 1,952,509. The business has a 50-day simple moving average of $99.11 and a 200-day simple moving average of $96.90. The company has a market cap of $39.83 billion, a PE ratio of 24.80 and a beta of 1.04. Otis Worldwide Co. has a 52 week low of $77.51 and a 52 week high of $106.33.

Otis Worldwide (NYSE:OTIS) last posted 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). The company had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The company’s revenue was up .7% on a year-over-year basis. During the same quarter last year, the business earned $0.95 earnings per share. On average, equities research analysts predict that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s payout ratio is 38.90%.

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.