Rafferty Asset Management LLC boosted its stake in Otis Worldwide Co. (NYSE:OTIS) by 19.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,430 shares of the company’s stock after purchasing an additional 1,388 shares during the period. Rafferty Asset Management LLC’s holdings in Otis Worldwide were worth $689,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. TrimTabs Asset Management LLC acquired a new position in Otis Worldwide in the 2nd quarter valued at approximately $1,472,000. Comgest Global Investors S.A.S. increased its position in Otis Worldwide by 19.4% in the 1st quarter. Comgest Global Investors S.A.S. now owns 123,200 shares of the company’s stock valued at $8,433,000 after acquiring an additional 20,000 shares during the period. Squarepoint Ops LLC increased its position in Otis Worldwide by 81.9% in the 1st quarter. Squarepoint Ops LLC now owns 242,301 shares of the company’s stock valued at $16,586,000 after acquiring an additional 109,092 shares during the period. Rheos Capital Works Inc. increased its position in Otis Worldwide by 16.0% in the 2nd quarter. Rheos Capital Works Inc. now owns 217,000 shares of the company’s stock valued at $17,744,000 after acquiring an additional 30,000 shares during the period. Finally, Janus Henderson Group PLC increased its position in Otis Worldwide by 85.5% in the 1st quarter. Janus Henderson Group PLC now owns 1,361,084 shares of the company’s stock valued at $93,168,000 after acquiring an additional 627,395 shares during the period. 82.29% of the stock is owned by institutional investors and hedge funds.
NYSE:OTIS opened at $84.29 on Thursday. The stock has a market capitalization of $35.97 billion, a price-to-earnings ratio of 31.69 and a beta of 0.85. The firm has a fifty day simple moving average of $89.30 and a two-hundred day simple moving average of $80.47. Otis Worldwide Co. has a 12 month low of $58.77 and a 12 month high of $92.84.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 10th. Shareholders of record on Friday, August 20th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date was Thursday, August 19th. Otis Worldwide’s dividend payout ratio (DPR) is 38.10%.
In other Otis Worldwide news, insider Fernandez Bernardo Calleja sold 1,597 shares of the firm’s stock in a transaction on Wednesday, July 28th. The shares were sold at an average price of $87.80, for a total value of $140,216.60. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Michael Patrick Ryan sold 2,220 shares of the firm’s stock in a transaction on Wednesday, July 28th. The shares were sold at an average price of $87.44, for a total transaction of $194,116.80. The disclosure for this sale can be found here. 0.05% of the stock is currently owned by company insiders.
Several equities research analysts have recently weighed in on the stock. Barclays increased their price objective on shares of Otis Worldwide from $78.00 to $86.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 27th. Argus reiterated a “buy” rating and set a $88.44 price objective (up from $84.00) on shares of Otis Worldwide in a research report on Tuesday, July 27th. Royal Bank of Canada assumed coverage on shares of Otis Worldwide in a research report on Tuesday, July 6th. They set an “outperform” rating and a $95.00 price objective for the company. Zacks Investment Research cut shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Wednesday, June 30th. Finally, Credit Suisse Group increased their price objective on shares of Otis Worldwide from $84.00 to $91.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 27th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently 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.
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