Arlington Partners LLC Has $4.01 Million Holdings in Otis Worldwide Co. (NYSE:OTIS)

Arlington Partners LLC increased its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 20.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 38,576 shares of the company’s stock after purchasing an additional 6,500 shares during the quarter. Arlington Partners LLC’s holdings in Otis Worldwide were worth $4,010,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of OTIS. Massachusetts Financial Services Co. MA boosted its holdings in Otis Worldwide by 12.4% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock valued at $793,945,000 after purchasing an additional 907,972 shares during the period. PineStone Asset Management Inc. raised its holdings in Otis Worldwide by 138.3% in the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock valued at $429,717,000 after acquiring an additional 2,590,780 shares in the last quarter. Sarasin & Partners LLP grew its holdings in shares of Otis Worldwide by 27.2% during the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock worth $398,061,000 after purchasing an additional 883,659 shares in the last quarter. Legal & General Group Plc raised its stake in shares of Otis Worldwide by 0.4% in the second quarter. Legal & General Group Plc now owns 3,660,401 shares of the company’s stock valued at $352,351,000 after purchasing an additional 15,021 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Otis Worldwide by 4.1% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,191,118 shares of the company’s stock worth $316,782,000 after buying an additional 126,684 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

Shares of NYSE OTIS traded down $0.90 during trading on Monday, reaching $105.11. The company had a trading volume of 181,012 shares, compared to its average volume of 2,107,964. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $106.33. The business’s 50 day moving average price is $97.42 and its 200-day moving average price is $96.61. The stock has a market cap of $42.10 billion, a PE ratio of 29.61 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.03. The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The business’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.92 EPS. Equities analysts anticipate that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 16th were given a $0.39 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $1.56 dividend on an annualized basis and a yield of 1.48%. Otis Worldwide’s payout ratio is 43.58%.

Wall Street Analysts Forecast Growth

OTIS has been the topic of several recent research reports. Morgan Stanley assumed 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. Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Wells Fargo & Company boosted their target price on shares of Otis Worldwide from $95.00 to $108.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Barclays lifted their price target on shares of Otis Worldwide from $90.00 to $96.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Finally, Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and an average price target of $102.71.

Otis Worldwide Company Profile

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.