Manning & Napier Advisors LLC Makes New Investment in Otis Worldwide Co. (NYSE:OTIS)

Manning & Napier Advisors LLC bought a new position in shares of Otis Worldwide Co. (NYSE:OTIS) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 2,424 shares of the company’s stock, valued at approximately $233,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Otis Worldwide by 14.8% in the fourth quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock valued at $4,095,342,000 after purchasing an additional 5,913,933 shares in the last quarter. Norges Bank bought a new position in Otis Worldwide during the fourth quarter valued at approximately $628,855,000. PineStone Asset Management Inc. grew its position in Otis Worldwide by 17.4% during the fourth quarter. PineStone Asset Management Inc. now owns 3,338,785 shares of the company’s stock valued at $298,721,000 after acquiring an additional 494,460 shares during the last quarter. Sarasin & Partners LLP grew its position in Otis Worldwide by 11.2% during the first quarter. Sarasin & Partners LLP now owns 3,251,612 shares of the company’s stock valued at $322,788,000 after acquiring an additional 328,539 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position 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 valued at $316,782,000 after acquiring an additional 126,684 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

OTIS has been the topic of several recent analyst reports. JPMorgan Chase & Co. raised their target price on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, April 25th. Wells Fargo & Company cut their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, July 25th. Finally, Argus raised their target price on shares of Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and an average price target of $98.83.

Otis Worldwide Price Performance

Otis Worldwide stock traded up $0.77 during mid-day trading on Friday, reaching $93.40. The stock had a trading volume of 1,535,690 shares, compared to its average volume of 2,125,760. The company has a market capitalization of $37.76 billion, a price-to-earnings ratio of 26.99 and a beta of 1.03. The company has a 50-day moving average price of $96.46 and a two-hundred day moving average price of $95.49. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $100.84.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.03. The business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.74 billion. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. 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. On average, equities research analysts anticipate that Otis Worldwide Co. will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Friday, August 16th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.67%. The ex-dividend date is Friday, August 16th. Otis Worldwide’s payout ratio is currently 45.09%.

Otis Worldwide 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.