Gables Capital Management Inc. Buys New Position in Otis Worldwide (NASDAQ:OTIS)

Gables Capital Management Inc. bought a new stake in Otis Worldwide (NASDAQ:OTIS) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,811 shares of the company’s stock, valued at approximately $103,000.

A number of other hedge funds also recently made changes to their positions in OTIS. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in Otis Worldwide in the second quarter valued at approximately $134,908,000. Sarasin & Partners LLP acquired a new position in Otis Worldwide in the second quarter valued at approximately $126,278,000. Massachusetts Financial Services Co. MA acquired a new position in Otis Worldwide in the first quarter valued at approximately $106,956,000. Scharf Investments LLC acquired a new position in Otis Worldwide in the second quarter valued at approximately $41,137,000. Finally, Guinness Asset Management LTD acquired a new position in Otis Worldwide in the second quarter valued at approximately $33,759,000.

NASDAQ OTIS traded down $0.65 on Friday, reaching $62.74. The company had a trading volume of 3,156,178 shares, compared to its average volume of 4,532,898. The stock has a market capitalization of $27.17 billion and a PE ratio of 32.68. The business has a fifty day moving average price of $57.45. Otis Worldwide has a 52-week low of $38.00 and a 52-week high of $64.52.

Otis Worldwide (NASDAQ:OTIS) last announced its quarterly earnings data on Tuesday, July 28th. The company reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.12. The business had revenue of $3.03 billion during the quarter, compared to the consensus estimate of $2.92 billion. The business’s revenue was down 9.6% on a year-over-year basis.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Friday, August 21st will be paid a $0.20 dividend. The ex-dividend date is Thursday, August 20th. This represents a $0.80 dividend on an annualized basis and a yield of 1.28%. Otis Worldwide’s dividend payout ratio (DPR) is presently 41.67%.

A number of equities analysts have recently weighed in on OTIS shares. William Blair started coverage on Otis Worldwide in a research report on Friday, May 8th. They set a “market perform” rating on the stock. Barclays reaffirmed a “hold” rating on shares of Otis Worldwide in a research report on Friday, May 8th. Cowen reaffirmed a “buy” rating and set a $64.00 target price on shares of Otis Worldwide in a research report on Monday, June 15th. HSBC started coverage on Otis Worldwide in a research report on Monday, June 29th. They set a “reduce” rating and a $44.00 target price on the stock. Finally, Argus started coverage on Otis Worldwide in a research report on Thursday, June 18th. They set a “buy” rating and a $72.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company. Otis Worldwide presently has an average rating of “Hold” and an average price target of $58.63.

In other Otis Worldwide news, insider Montlivault Stephane De sold 10,454 shares of the company’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $51.81, for a total value of $541,621.74. Following the completion of the transaction, the insider now owns 1,403 shares in the company, valued at approximately $72,689.43. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

About Otis Worldwide

There is no company description available for Otis Worldwide Corp.

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Institutional Ownership by Quarter for Otis Worldwide (NASDAQ:OTIS)

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