Otis Worldwide Corporation $OTIS Shares Newly Bought by VCI Wealth Management LLC

VCI Wealth Management LLC bought a new position in Otis Worldwide Corporation (NYSE:OTIS) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 37,944 shares of the company’s stock, valued at approximately $2,441,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. BlackRock Inc. bought a new stake in shares of Otis Worldwide in the second quarter worth approximately $2,264,017,000. State Street Corp lifted its position in Otis Worldwide by 2.9% during the second quarter. State Street Corp now owns 16,664,994 shares of the company’s stock valued at $1,193,214,000 after purchasing an additional 463,491 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Otis Worldwide during the second quarter valued at approximately $423,739,000. Van ECK Associates Corp boosted its holdings in Otis Worldwide by 0.6% in the second quarter. Van ECK Associates Corp now owns 3,993,011 shares of the company’s stock worth $285,900,000 after purchasing an additional 24,914 shares during the last quarter. Finally, Canada Pension Plan Investment Board purchased a new stake in Otis Worldwide in the second quarter worth approximately $223,003,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Up 3.8%

OTIS opened at $78.59 on Tuesday. The company has a market cap of $29.92 billion, a price-to-earnings ratio of 19.55, a PEG ratio of 2.56 and a beta of 0.87. The company’s 50 day moving average is $69.82 and its 200 day moving average is $76.38. Otis Worldwide Corporation has a 12-month low of $63.58 and a 12-month high of $94.57.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, October 28th. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.04. Otis Worldwide had a net margin of 10.28% and a negative return on equity of 28.45%. The company had revenue of $3.91 billion during the quarter, compared to analyst estimates of $3.85 billion. During the same period in the previous year, the business posted $1.05 earnings per share. The firm’s quarterly revenue was up 6.1% compared to the same quarter last year. As a group, analysts predict that Otis Worldwide Corporation will post 4.03 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Friday, November 13th. Otis Worldwide’s dividend payout ratio (DPR) is currently 43.78%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on OTIS shares. Evercore reiterated an “outperform” rating and set a $95.00 target price on shares of Otis Worldwide in a research note on Thursday, July 23rd. Wells Fargo & Company lowered their price target on Otis Worldwide from $77.00 to $75.00 and set an “underweight” rating on the stock in a report on Thursday, October 29th. Royal Bank Of Canada set a $90.00 price target on Otis Worldwide in a research note on Tuesday, July 28th. Sanford C. Bernstein lifted their price objective on Otis Worldwide from $90.00 to $94.00 and gave the stock an “outperform” rating in a report on Thursday. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Otis Worldwide in a report on Wednesday, August 12th. Four research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $91.20.

Otis Worldwide Company Profile

Otis Worldwide Corporation (NYSE: OTIS) is a global manufacturer and service provider for the elevator and escalator industry. The company designs, manufactures, installs, modernizes and maintains elevators, escalators and moving walkways for commercial buildings, residential developments, transportation hubs and other infrastructure projects.

Otis provides equipment for new construction as well as maintenance, repair and modernization services for existing systems. Its service operations support equipment from Otis and other manufacturers, helping building owners and operators manage the safety, performance and lifecycle of vertical transportation systems.

The company traces its history to 1853, when Elisha Otis demonstrated a safety device for elevators.