Lafayette Investments Inc. bought a new position in Otis Worldwide Co. (NYSE:OTIS) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 2,649 shares of the company’s stock, valued at approximately $217,000.
Other institutional investors have also bought and sold shares of the company. River Wealth Advisors LLC grew its holdings in shares of Otis Worldwide by 1.7% in the second quarter. River Wealth Advisors LLC now owns 7,138 shares of the company’s stock worth $584,000 after acquiring an additional 116 shares during the period. Cpwm LLC grew its holdings in shares of Otis Worldwide by 3.7% in the first quarter. Cpwm LLC now owns 3,710 shares of the company’s stock worth $254,000 after acquiring an additional 131 shares during the period. Quadrant Capital Group LLC grew its holdings in shares of Otis Worldwide by 5.9% in the second quarter. Quadrant Capital Group LLC now owns 2,341 shares of the company’s stock worth $191,000 after acquiring an additional 131 shares during the period. Pitcairn Co. grew its holdings in shares of Otis Worldwide by 2.4% in the first quarter. Pitcairn Co. now owns 5,658 shares of the company’s stock worth $388,000 after acquiring an additional 135 shares during the period. Finally, Orion Portfolio Solutions LLC grew its holdings in shares of Otis Worldwide by 3.6% in the second quarter. Orion Portfolio Solutions LLC now owns 3,921 shares of the company’s stock worth $321,000 after acquiring an additional 136 shares during the period. 82.29% of the stock is owned by institutional investors and hedge funds.
In related news, insider Fernandez Bernardo Calleja sold 1,597 shares of the stock in a transaction that occurred on Wednesday, July 28th. The stock was sold at an average price of $87.80, for a total transaction of $140,216.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Michael Patrick Ryan sold 2,220 shares of the stock in a transaction that occurred on Wednesday, July 28th. The shares were sold at an average price of $87.44, for a total value of $194,116.80. The disclosure for this sale can be found here. 0.05% of the stock is currently owned by corporate insiders.
Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Sunday, July 25th. The company reported $0.79 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.08. Otis Worldwide had a negative return on equity of 37.04% and a net margin of 8.30%. The business had revenue of $3.70 billion for the quarter, compared to the consensus estimate of $3.46 billion. As a group, analysts predict that Otis Worldwide Co. will post 2.97 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 10th. Investors of record on Friday, August 20th were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 1.12%. The ex-dividend date was Thursday, August 19th. Otis Worldwide’s payout ratio is presently 38.10%.
Several equities analysts recently weighed in on OTIS shares. Credit Suisse Group lifted their target price on Otis Worldwide from $84.00 to $91.00 and gave the company a “neutral” rating in a research report on Tuesday, July 27th. Cowen reiterated an “outperform” rating and set a $88.44 target price (down from $90.00) on shares of Otis Worldwide in a research report on Tuesday, July 27th. Zacks Investment Research downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Wednesday, June 30th. Barclays lifted their target price on Otis Worldwide from $78.00 to $86.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 27th. Finally, Royal Bank of Canada started coverage on Otis Worldwide in a research report on Tuesday, July 6th. They set an “outperform” rating and a $95.00 target price on the stock. Four analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $84.10.
Otis Worldwide Profile
Otis Worldwide Corporation manufactures, installs, and services elevators and escalators in the United States, China, and internationally. The company operates through 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.
Read More: Hold Rating
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